No need to balance @ 3600 rpm, it's not a racing engine. Some ppl add a weight to the crankshaft to change the balance factor.
Getting the proper size piston/rod are important and the quality of valve work will pay for itself. I think some places the quality can be poor b/c "this is only an old lawn mower engine" mentality.
It's not uncommon to have to turn the crankshaft and then buy a 0.010 undersize rod.
Besides the govenor, make sure you have the steel pin for the points(upgraded part).
Crank bearings you'll have to clean and oil. If they are smooth and no spalling in the races, you can re-use or replace them. If your grandfather did reasonable oil changes, it won't take much. Rebuild the carb is a must and add throttle shaft bushings if needed.
Michael
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