... I'll be replacing he governor sms dong an overhaul on the air dryer when we arrive in Oregon in a few days. Just trying to better understand my issue so I don't get stuck somewhere in the next few days. ...
My bet is still the purge valve needing a kit. If the governor was at fault, it would be unloading the compressor at the same time - and 30 psi is probably not enough air pressure to either unload the compressor or open the purge valve. The mere fact that the compressor can build air and cuts out at 120 is pretty decent proof that the governor is working properly.If you take the dust cover off the purge valve you can press direct on the valve to force it firmly closed, to see if that makes any difference to air leaking out.