i dunno about need megasquirt, but i had actually thought of this as well, i think it would be a fairly simple circuit to create that would shut off fuel at a certain frequence output of the w terminal, this owuld of course the frequence of w/e rpm you want to cut fuel, say 5k exactly, this way could disable your governor as much as you want and have no power loss until you hit the brick wall of the governor, rather than the slow decline in power and then the sudden cutt off that the motor has from the factory.... yeah i thought about this before, i dunno why i didn't post anything haha.