Here's the theory I have on valve float and the springs...
If you take the governor out, you have no way to limit the engine rpms, in the racing engines, for Box Stock rules, we use a 10.8 pound spring that limits the rpms to around 6,000 before the power band drops off and the valve begin to float. Using 6,000 rpms, allows us to run for the most part safely without a billet flywheel or a billet rod. If you want to turn more RPMs than that, you need the 18 pound springs, a better cam, and you will need the billet rod and flywheel. So bascially, in our case, using the weaker springs will cost the valves to float sooner, but, they will also keep us from over revving the engine and breaking a rod or flywheel... That being said, you really won't notice much difference until you start making serious mods like either putting on a smaller head or cutting the one you have... I don't know what head gasket comes on the predator, but if it is a thick head gasket (like .040 thick), you can swap it to a .009 head gasket or .010 over and gain around 3/4 of a CC just right there, which will increase your compression...
If you want to simply advance the timing, you can buy a offset key for the flywheel, in the box stock classes, we can not exceed 18 degrees, which is usually a #2 or #3 key, but the ARC flywheel is set at 24 degrees from their shop on the standard key. Depending upon the changes you make to the engine, will determine the amount of advancement you need... for building something like we race, 17-18 degrees is fine, with a #2 or #3 key... I wouldn't be concerned about getting to 24 degrees until I got a high lift cam and stronger springs and I cut the compression some.
For the valves, if you want to keep top performance, they should be checked fairly often... for a play kart, you can probably just set them around .003 on both the intake and exhuast and let them eat for a while. If you run the 18 pound springs, you will probably need to check it less often, as those springs don't give up as much and as quickly as the 10.8 springs... It would not be a bad idea to check the lash again however after a good bring in period, just so everything can get worn in a bit.