AN INSTRUCTOR AND STUDENT PLT LANDED ON A TXWY AFTER EXPERIENCING LOSS OF PWR ON TKOF AT SUS.

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LOST PWR ON TKOF CLB AT 200 FT AGL. AT 400 FT AGL; CLB RATE WAS ZERO AND ROUGHNESS CONTINUED. AT THIS POINT I TOOK THE FLT CTLS FROM MY STUDENT. I REDUCED THROTTLE AND ELECTED TO MAKE A PRECAUTIONARY LNDG DOWNWIND ON THE PARALLEL RWY. I DECLARED AN EMER TO THE TWR AND INFORMED THEM I WOULD BE LNDG ON THE TXWY NEXT TO RWY 26L (DEPARTED RWY 8L) DUE TO TFC DEPARTING RWY 26R. LANDED WITHOUT FURTHER INCIDENCE; AND TAXIED TO THE RAMP. CORRECTIVE ACTIONS: REDUCED PROP RPM TO 2400 (I THOUGHT THE PROP WAS OUT OF BAL). FUEL PUMP WAS ON (FUEL VALVE WAS OPEN WITH FUEL). CARB HEAT WAS NO FACTOR. TOOK SOLE CTL ORALLY AND PHYSICALLY FROM STUDENT OF ACFT. DECISION MAKING: REASONS TO DISCONTINUE FLT: ACFT WAS AT MAX GROSS WT. TEMPS THAT DAY WERE IN THE 90'S. HAD SAFE LNDG SITE IN MIND BEFORE TKOF IN CASE OF EMER. REASONS TO CONTINUE FLT: CONFLICTING TFC. PARTIAL PWR WAS AVAILABLE. ACTIONS: FREQ CONGESTION DID NOT ALLOW ME TO NOTIFY ATC AS SOON AS I WANTED TO. MAINTAINED ACFT CTL AT ALL TIMES. HAD AN ALTERNATIVE PLAN OF ACTION (TXWY) SINCE THE RWY WAS NOT AVAILABLE. RESOLUTION: INITIAL MAINT RPT IS THAT I EXPERIENCED A PROP GOVERNOR MALFUNCTION; AND AN ASSOCIATED PARTIAL PWR LOSS.