Quick update, managed to get it into an abandoned theater parking lot for a half hour last Sat. While I can't keep up with the kids death rocket it still is a lot of fun, and we did manage to get some attention of the condo residents.
At least it held up for the entire time, so at least it's somewhat reliable. The small motor does have some advantages. I'm not chewing thru PVC sleeves at a blistering pace. I'm also not beating the crap out of my drivetrain. And it sips gas like tea. I may have used a half quart of gas that outing. Plus I just don't feel like it's gonna' kill me. It kinda' has that "Turnpike Cars" amusement park car ride feel to it. But it can still go 27mph and that's fast enough. Jackshaft works great and though it looks sketchy, I may be able to cover it up.
It'll be ready for paint in a couple of weeks, more pics then.