You've seen what your washing machine does when you get a blanket off-balance in it.
Imagine if one of the motors on the flywheel stopped responding to inputs.
Windmills had governors which were horizontal wheels with two or more pendulums attached to the outer edge. The angular velocity is trying to lift the pendulum and gravity is pushing it back down, so velocity increases much slower than momentum.
The only problem you need to worry about there is seized bearings or foreign bodies unbalancing the load.
There are other devices that replace gravity with springs. You might be able to do the same with permanent magnets. But I believe each of these relies on the device being able to put up with larger strains than the pendulum.