OK, well step 1 is to get the governor holding the speed as constant as possible in going from full to no-load. The longer, weaker spring will help.
Then recognize that the frequency is dependent on the speed, and on nothing else.
So if you have 5% speed droop, you'll have 5% frequency droop. It's that simple.
Voltage is a slightly different story, but with an ST head and no AVR, you're pretty much stuck with whatever it provides. The voltage depends on the speed to a degree, and also on the load. Bottom line is you may see some improvement from governor tweaks, but you'll probably be fine with voltage in the 120-130 range and frequency in the 58-62 Hz range...
What's your most sensitive load?