[AussieinNC]

In one of your pics the "petals" you see are the weights. The governor is obviously not rotating so the petals are "flat".
When the governor gets to a certain speed, they form a "cone", forcing the shaft "into" the body (towards the driven gear). Your pic of the petals lifted up shows the engaged position.
Note this internal shaft slides with respect to the external shaft so from the outside you don't see any change.

It's pretty clever: all rotating parts are mechanical; there are no rotating brushes or anything of the sort.
The dark lever in the center touches the shaft in the governor.

The switch itself is the copper "horseshoe" and the L shape riveted through the end plate in a sort of "phenolic sandwich".

The hysteresis in the overdrive switching (the fact that it switches on at 28 mph and off at 22 mph) is entirely in the design of the lever, the spring, and the horseshoe (all mechanical). Pretty clever. I believe the spring and the horseshoe are no longer available as parts.

When you actuate it, it almost feels like there's a magnet in the switch but I think that's just the layout of the bits and the action of the spring.

When the governor switch is closed (the solenoid would be on and you'd be in overdrive).

In it's natural, non-rotating position, the governor shaft would push the black lever into the recess and open the switch.

You can test the governor action using a battery operated drill and spinning the governor shaft with the governor fully assembled.
Use an Ohm meter across the electrical contact and the body of the governor...spinning the shaft should close the contact and provide a completed electrical circuit.