First things first. Congratulations on getting the new lathe. Did you do all the " non round" pieces like frame work crankshaft etc using a saw and a file? Looking at the pictures ... Excellent job!
About a governer: the ball type will do the job and there will be so much " eye appeal" and here is a suggestion, as the motor is electric use a small potentiometer ( small infinite resolution ones used in control have nice bearings and low friction) and a swash plate fixed to the ball governor shaft to do the speed control.
Cams are not difficult to design by hand ... Need a compass, protractor and a ruler and with your filing skills you should be there.
You will find this interesting and most useful in the design of the governer: Graph the position of the pistons ( 2 graphs) over 1.5 revs of the shaft, this will guarantee one complete cycle, and you can use this graph to determine swhtching control points and how sensitive this would be ... The solenoids may be energised for a longer part of the cycle so there will be an optimum dwell time. There will be two commutators, one for each cylinder so this diagram will help in setting up the timing ... Good luck.
Jerry.