The rpm is typically the smallest but most visible difference.
If an engine continues to produce similar torque, RPM is all it takes to increase HP. BTW I haven't seen a torque curve for both engines, but from anecdotal reports I've seen I'd be pretty certain that they both perform identically up to 2600 RPM.
Pump output increases are a fair amount
The pump output increase is no more than the RPM increase. With rare exceptions, a pump produces a fixed amount per revolution, so increasing a pump RPM by 11% (2600 to 3000) should result in an increase of 11% in flow. 4.3 GPM + 11% = 4.8 GPM*, which numbers coincide with published figures.
If just changing a governor was all it took. . There would be no point in Massey having 2 engine choices in my opinion.
I guess you have more faith in "the system" than I do. I have seen far too many companies do things just to gain market share, profits, consumer awareness, etc. with no regard for logic, fairness or actual value.
FWIW, since making the original post I have done a lot of searching. I came across one post by a guy that got both parts sheets and compared them line by line. The only performance related difference was the injector pump, which does make sense; in order to put out more HP you need more fuel.
The other interesting thing is that the 2600/1715s have their PTOs run at a different ratio, so that they put out 540/2000 at 3000 engine RPM. This means that if one were to increase the RPM on a 2400/1705 from 2600 to 3000, the PTO outputs would be 600/2220. Which could be good, or bad, depending what you're doing.
Long story short, it appears it would be possible to get the higher output from the "smaller" engine without too much trouble, but the relatively small increase in real world usage makes it infeasible for most applications. Or, as I was told when looking for ways to increase the HP of my 3.2L V6 Mercedes "If you want more power the best way to do so is just get a car that has a bigger engine". So for now I will wait and see if I actually need/want more power, and if so, most likely trade the whole thing.
*Edit: I was using numbers from a 3rd party site that must have a typo. According to the M-F produced brochure the pump outputs are 6.3 and 6.8 GPM
(or more accurately 24 and 26.3 LPM), which is a 9.5% increase.