I'm not 100% on the exact figures for this, but the faction leader's acumen certainly affects the economy as a whole. Heirs' acumen is irrelevant until succession.

The location of the governor is irrelevant to the province he governs. It does not affect income. The governor is always the governor wherever he may be.

The only way that location can affect governors (and indeed any general, heir or king) is in the accumulation of vices and virtues. Having a governor sitting around in a province can add to these for various reasons.