EDM leaves a thin re-cast layer on the cut edge. Still need heat treat. Also, if the original plate is surface hardened, most likely, then the exposed cut will be softer in the center.
Same problem with plasma cutting, and add too rough a finish as another problem. Both EDM and plasma are melting processes.
Water Jet is an abrasive process and should not alter the molecular structure. But if the original plate is surface hardened and not through hardened, same problem.
An oil alalysis will not show such small wear over a long period of time, but if the grind or profile needs to be precise, your performance will change if the plate wears due to being too soft.
One problem with governors that are run at a particular speed for a length of time is the parts develop wear grooves and create slop or stiction over time. True especially where the engine idles on the governor. Many parts in the pump are surface hardened to a high hardness to ensure less wear over long periods of time.
Doug Rees