If it's internal to the governor and rack linkage that would be a problem I wouldn't be looking forward to fixing and will require a fair amount of disassembly just to get at if the Isuzu engine is anything like the Mistubishis in the smaller tractors. If it is running on oil from the crankcase that would be scary. The good news is the TS1610 uses an air shutoff butterfly to kill the engine so I wouldn't be too far from that at any given time until you know for sure. To test this, shut off the fuel valve after starting the engine and if it keeps running after 30 seconds or so then you ought to pursue this. From the few stories I've heard about this happening, and they were diesel engines sucking up vapors through the air filter, the engine usually ends up revving much higher than it is normally capable of. I heard this was a contributing factor to Deepwater Horizon's demise. Sounds like yours is just going to service speed though which makes me think it is purely in the rack setting. Make sure the lever arm on the fuel pump is not slipping on the shaft.