Regarding the governor, it works much like a distributor in regards to changing mechanical advance springs. It spins and opens up at different rpm's. The preferred ones are from the 442, Monte SS and GN trans '86, '87 and maybe '85. To look at a stock grocery getting one vs a performance one you will be able to see the obvious differences. But when push comes to shove, you can manually shift from 1st to second if needed. And this part is very easily replaced and/or tuned after the trans is assembled and installed. And you can buy a performance one from many vendors such as PATC, Bowtie OD's, etc. or you can try modifying a stock one to shift where you want it to.
Regarding line pressure, the TV cable setting and the pump. The pump makes 'x' amount of pressure and the TV cable adjustment directs the line pressure to the necessary parts of the trans or into bypass. The pump requires a certain amount of pressure and fluid to operate. You do not adjust the pump's pressure with the TV cable, but rather adjust the line pressure with the TV. Most stock pumps are 4 vane and cannot handle high power builds. A rebuilt 7 or 10 vane pump is what is needed for any type of mild or performance build. They are not that expensive IMO.
Building this trans yourself as a performance build for your first transmission rebuild is not recommended by me. Tuning it (governor) and setting the line pressure correctly is relatively easy and straight forward. Building this yourself to handle 400ft/lbs is going to require $1500-$1800 in parts and considering that you can buy one at this power level for $2-2500 I believe you'd be farther ahead to buy one and have the vendor's warranty. Perhaps you are a detailed oriented guy that is either willing to purchase the correct tools or already has the correct tools, and you have the patience and are willing to spend the time reading. If this is the case, then go for it. Building this trans for the first timer is not a weekend project. You know what your skill level is, make a decision from there.
If you build is mild, 300HP/350TQ, then a stock unit with an upgraded pump, servo and governor will work just fine. And at that point a stock rebuild kit with upgraded clutches and bands is all that is needed. But as the power increases, so does the number of components that need to be upgraded; just like every other part of the car.
Good luck - Jim