I have an industrial 331 that came from the New Orleans airport. It was used to power aircraft sitting on the tarmac waiting to take off. It has the governor system you refer to as well. The motor had not been run in many years. After a bit of tinkering i was able to crank it up. The governor was still connected and I had closed off the small valves that enable the adjustment of the engine speed in relation to the load demands. When I cracked the throttle by hand, the governor snatched the linkage out of my hand and slammed it shut! I had adjusted it to a low idle setting and indeed it worked. This system is a remarkable piece of engineering and is totally mechanical with no electrical or vacuum involved. I have not disassemble the unit as of yet as I was hoping to find someone who might want to restore the motor and preserve the unit as it is. So far no one has shown any interest.
I just bought a '56 chrysler industrial. I am very pleased with it. It's very clean inside and has very little wear anywhere. It has industrial valve covers, non adjustable valve train, 1/4" tipped pushrods. The lifters show very little wear and there is practically no ring ridge. The heads have crossovers and removable valve seats, on the exhaust anyway. It has a distributor governor adapter. The crankshaft has a a pilot bushing installed. It has a two barrel carb. I couldn't help mock it up with parts for my 392 project.
The areas of concern with the industrial engines are. The oil pan bolt holes may be different from a passenger car. There are extra holes up front. A pass car pan will still fit. The rear main cap may be the 392 style. The front cover might be different to cover the water holes on each side. Hot heads makes the cover. The bolt pattern is very different from a passenger car engine. I have seen the dip stick hole plugged on them. If you plan on replacing the rods hot heads makes a rod that uses Pontiac bearings. The tang is on the other side. The bearings are cheap and available every where. The 354 bearings are expensive. A 392 crank will go in a 354. The rods and mains need to be cut to 354. The thrust needs .050 added. .030 over bore makes a 389. A .060 over bore makes a 392. Same size as a 392 but in a much lighter and smaller package. I ran this combo for years.
The Ind should be like the 51-54 car engines, oil pan, front cover, ect. A '56 rear main cap shouldn't be like a '57 392, unless it's later than '56.