And what do u mean by build the motor? Like air intake and exhaust and torque converter? Anything else i would have to do to reach 40 without taking the governor out??
If it were me and you are currently using 1/2" chain, I'd get the TC and also get a 5/8" 8T #41 jackshaft sprocket. That would give you 6.75:1 and 6.075 : 1 with the TC overdrive.
Your tires give you 4.71' per axle revolution.
Mod the governor to allow 5k RPM.
(((5000 / 6.075) * 4.71) * 60) / 5280 = 44mph
If your engine cant pull the buggy with 18" tires to 5k RPM, then try the standard upgrades... Air Filter Adapter, Air Filter, Exhaust, Carb Jets, Advanced Timing Key. People claim 10 HP with these upgrades.