Hi Cam,
I would replace those pins.... one of my 12/2 posts show my Cam gear wheel missing teeth and I'm lucky the whole wheel didn't shatter. You don't want split pins, separating pin, or any part of the governor mechanism floating in your crankcase, only bad things can happen... That pin stops the sleeve rotating, not sure why, but I'm sure someone on the forum can enlighten us to the reason.
On mine the governor shafts are very worn and this will impact the governor response. I have them out, and the wear pattern is most unusual. They're not going back in....
Samo