I'm with Hogan rebuild it by school machine shop if any bushings / bearings need replacing.
for Gov any Tecumseth dealer will have parts , look for the model # stamping near the top of starter housing ( HS.....) if can't get part use stiff machanic wire to forum a new one, the paper clip is to thin and will chew the holes out or clip will cut off and no control of speed an throw a rod out of crank case
as Jester said new belts
Dj I can see you can add a electric starter to this motor if flywheel has the starter teeth on outer edge of it
Tecumseh-HSSK40-HSSK50-Snowblower-Starter
Note: the holes in crank case to mount starter use a 1/4-20 tap to thread holes and use 1/4-20 threaded rod to make a stud, get flat washers and 1/4-20 ny-loc nuts to hold starter or use 2 nuts and jam them
use blue thread locker to hold them in place after snug them in
this operation is needed for screws supplied will strip out crank case over time also use 5-20 motor oil in engine