Patrick,
Your 4610 does indeed have a governor, but as you've discovered it's a piece of junk.  There were a few threads a while back contrasting the governing precision of the grand Ls with the Bs, and there's a big difference.  I own a 
B2910 and the engine RPM holds within 100-200 RPM of the throttle setting until complete overload occurs.  It's just what you would want from a governor.  I don't own a grand L, but I've used a few of them and the governor might as well not be there.  The first time I used one I thought it was broken, but after talking to some TBNers and using a few other Grand Ls, it seems to be the design.
According to kubota mechanic, the basic design of the governors is the same in the two tractor lines, so I don't know of a good explaination for the big difference.  I know from the B service/parts manuals that there is a 2x step up gearing from the injector pump to the governor wheel/shaft.  One speculation is that the grand L doesn't have this step up gearing and hence has a less sensitive response, but I don't have access to grand L books to confirm or deny the theory.
I can't wait to get in an 
L5030 to see if this has been improved.
An electronic governor/speed control sounds like a great improvement, GPS or not.