Couldn't isolate it by spinning propshaft by hand so I disconnected the propshaft completely, car is up on all 4 jack points and I turned on the engine. With my stethoscope I hear the ticking. It sounds like its still coming from the governor. It's still very difficult to find it because its metallic in nature so it echos and vibrates, but its loudest near the middle, but more towards the rear on the governor side.

So could my replacement governor be bad? Still seems very weird though.

At least I know its not driveshaft related. I wanted to get that off the list immediately so there was no doubts going forward.

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2016 Monsoon Gray Audi Allroad - 21k
2008 Black Mercedes E350 4Matic Sport - 131k
2014 Jeep Wranger Unlimited Sahara - 62k
2003 Gray Mercedes ML350 - 122k