I am "attempting" to reassemble this S&W Governor and I have pretty much everything done except this small piece here. This is a picture I took before I took this out. But I am almost certain there should be a spring on the end of that fork looking thing (which I have the spring). But I have not been able to find a schematic or anything on YouTube. Any help would be APPRECIATED!
Try looking for past posts about disabling the lock. There should be one with pictures showing the spring on the lock. The spring would belong on the forward facing nub but if you are reassembling it without the flag, I see no reason why you need to put it in other than to remember where it is in the event you want to put the flag back in.