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Check the vacuum line to the transmission modulator valve. The rubber hoses at each end of the steel line have a tendency to swell and loosen or split. Make sure the steel line isn't perforated. While you are there, peer into the vacuum port of the modulator valve to see if there is any trace of red transmission fluid - replace the valve if there is and recheck the fluid level.
Begin by inspecting the short 5/32" rubber hose at the modulator valve and the 1/4" rubber hose at the intake manifold vacuum fitting behind the carburetor. Then inspect the connecting steel line for any obvious physical damage (e.g., rust, rubbing, breaks, etc). If the steel line is still questionable following visual inspection, plug one end of the line and draw a vacuum on the other end to see if the line will hold vacuum. With the line properly connected at both ends you could also spray the line with some B12 or similar aerosol while the engine is running to see if there is an RPM change - but watch out for exhaust heat.
1) Replace both hoses first. Cheap, and usually the cause of the problem.2) Change the modulator.3) Modify the governor.You don't say whether this is a new problem, or existed when you got the truck. If it was already a problem, the governor may have been modified already by an IPO who didn't know what he was doing.