The shiny friction shoes/pads are glazed, karl, due to slipping at high speed, which overheats them. That could either be because they are worn out (or the centifugal clutch mechanism is stuck or has run out of movement range), or because the cutter or drum is seized up and refuses to rotate. First, see if you can rotate the reel (cutter) easily with your fingers. Then see if the mower will roll forward on the drum. Finally, see if you can move the centrifugal weights (usually part of the shoes) out (they are held back by springs) further than is required for engagement of the shoes with the drum. Just look at the mechanism and see if it moves properly.
I haven't seen a drawing of the centrifugal clutch, so that is as far as I can get at this stage. The engine speed should be controlled by the normal Victa governor.
