Why was the transmission pulled in the first place? Maybe the rebuilder re-installed a part incorrectly?
If you are 100% sure it is the governor, most of the time it is just a grounding issue. Check and re-check the wiring. As I was going through my BW R10 overdrive in my 55, I too had issues and it was a simple wiring issue where I had not installed the correct terminal back to the kickdown relay. I know that is not the governor as you indicate in this instance, but once I double-checked my wiring we were good to go.
A simple test on the governor would be to hook up a test light in the car clamped to a known LIVE terminal. Then the other clip to a lead wire going to the wire/terminal of the governor. Once you are up to the magic speed of 28 mph, that governor should ground the lead wire and voila! the light comes on.
I have quite a bit of my own foibles on www.hotrodreverend.com if you are willing to visit the site and look around at my articles and pictures. Just get on the blog and look at all the tag words on the right side of the page.
Daniel JessupLancaster, California
aka "The Hot Rod Reverend" 
check out the 1955 Ford Fairlane build at www.hotrodreverend.com