So do the vacuum only trans models have any adjustment, or is it all governor and modulator controlled?

The vacuum modulator has a bit of "adjustment" but most of the trouble seems to be reported to be because of the valve on the valve cover - i.e. the vacuum going to the dashpot. As always (and perhaps a bit more for the vacuum only) the hydraulic pressure measurements are really important. If these are not correct then you've got no chance of getting the transmission to operate (correctly) from the vacuum signal.

The earlier versions of the 722.118 and 722.117 have a screw that changes the modulator(?) pressure at the place where the vacuum dashpot sits on the later models and there's also the often incorrectly named "Bowden rod" or accelerator linkage that gives "throttle" position information.