I would doubt it would be a governor problem. More than likely a fuel problem. A fuel restriction will cause this. A governor limits the amount of fuel going ito the engine. With the rpms at high idle (running wide open without a load) the throttle plate in the carburetor is not wide open. when the load is added it will start to slow the rpms and the govenor opens that throttle plate more to let more fuel in to hold the rpms at you setting. If you are already using the available fuel opening the throttle plate does not have more fuel available to keep the engine up to speed.
This is how it works and why it is my guess. It is where I would start my checking from the tank all the way thru the carburetor if necessary.
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