This is a bit late, but for the archives, here is what the Honda Governor Arm Shaft seal looks like when it's installed in a GXV120:

[Linked Image]
[Linked Image]

Obviously the crankcase has to be bored to accept the seal, which looks like an ordinary rubber lip-seal. The Honda GCV engines (that is the OHC ones, which are made for residential service, not commercial service) do not have seals on their governor shafts.