Fixed!
So...
Having spent the last couple of weeks watching tutorials and reading, all to learn how the VE pumps work and what each component's role is, I now know them pretty well. (I've always found it easier to fix something having first understood it fully.)
This evening I got to work removing the top cover, following Ngoma's suggestion I made sure to mark the throttle shaft. Inside was dirty where old fuel had sat for a number of years so i sucked it out, with the help of a syringe, and got a better look inside. It turns out Ngoma is the man because as he suggested the governor lever was sticking in WOT position, I could also just about see the top of the fuel collar getting stuck on the plunger. I refilled the pump with ATF and worked the lever back and forth until all was freed up. Following reassembly we started it up and it idled perfectly and didn't try to runaway on reving. Thanks again to Ngoma with your help on this one, I hope someone will find my experience useful. Now to get her on the road!
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