Heck no, unless you set the throttle to 100% at the low end and then try to drive it in the dirt from high altitude with maximum negative collective.
With any engine, as long as you have a decent pitch/throttle curve setup and handle the collective properly you can avoid overspeeding in most flight conditions. The OS32 is probably the least powerful engine you might use on the Evo30.
I use a +/- 10 degree 3D curve on my Evo30 with an OS37SZ engine. I can induce overspeeding if I try, but it behaves quite well if I fly it correctly. I'm not using a governor, but I do have some cyclic to throttle mixing to keep the head speed up during hard cyclic maneuvers.