First off if your gauge says 150psi and no pressure reliefs are kicking out, I would guess that your gauge is off, I know most people don't have a spare gauge lying around to test with, But maybe you can thread in a schreader valve somewhere ( the gov may have one on it, #10 on diagram)and check the actual psi with a tire gauge or something. Also the Gov does need a signal from the air tank telling it what system psi is, Check that line and make sure it's clear. Once you locate this signal line, you could unthread it and blow shop air into the fitting on the governor with your truck running and the compressor should shut off. If this works your unloader if operating just fine. Also, since you are inspecting your air system, take a 1" wrench and pull off the steel braided line coming off the compressor head, only a quick 10sec blast of air should come out on this line, if air keeps coming you have a bad check valve.
As far as gov adjustments go, using Dirt hauler's handy diagram, if you remove#2 loosen #4 and turn #9 you can adjust the cut-in pressure on the governor, say change it from the preset 90psi to 100psi but the spring controls cut out and is not adjustable.
Good Luck!