I have a 700 and if I down shift from 4th to 3rd and floor it, the car surges and goes from 4500 to 5000 back and forth forever. If I do a race (from a dead start) I do not notice this problem. I don't even know if I have a governor. If I do, how can I get rid of it.

 

The governor that is talked about on this board controls transmission shift points, etc. Most transmissions have them but they do not control engine fuction at all.

 

Does anyone want me to describe further. I really want to know what this problem is...

 

Forget about the governor and solve the high throttle lean condition.

 

no it is not the carburetor

 

Yes you have a governor, you could remove it but the car won't move afterwards.
Maybe try to explain the problem a different way so people reading can get a better idea of exactly what your car is doing.
Does it do it with the shifter in third (drive) or does it do it with the shifter in OD (fourth)?