Help Adjusting Governor Tecumseh H35

I am working on a Troy Bilt Chipper with an H#% engine. When starting it revs full throttle, and yes, I know the governor could be shot, But, I want to make sure. This is a simple set-up with no throttle control lever to adjust engine speed. The carb is clean with all parts moving freely. 
When off the governor is holding the throttle wide open and that does not change when I start it. Just full revving unless I manually move the throttle on the carb.
I just want to try and make sure I adjust the governor before tearing into the engine to see if its shot.
I know I hold the throttle wide open and loosen the screw holding the governor lever arm. But, using pliers, which way do I turn the internal arm sticking out of the crankcase? Clockwise or counter clockwise while holding the throttle open? 
This does not have a nut on the arm. It has a slotted screw to losson the arm so you can rotate the internal governer shaft slightly either way. 
Any help would be appreciated
Jeff

Scott,
   Thank you. That spring that goes from the governor arm to under the carb somewhere is what seems to be keeping the governor arm pulled towards the carb and keeping the throttle wide open. With that said, if I take that spring off temporarily, so there is no external force pulling on the arm, is there anything diagnostic I could feel by moving the governor arm back and forth? Something that would give me a second clue (besides the high revving) that its an internal problem?

Thanks Scott. Time to tear apart the chipper!
Jeff