well it's slow because of the missing torque, not because of the low ratio now.
mathematically with 2050 rpm, 5:1 ratio and 10" wheels it should go ~12 mph.
and.. allow me to point out:
if you GEAR it to 6mph (as it should go 12 with 5:1) you'll end up with 10:1 ..
you can fab up a small jackshaft from parts you have (all you'd need is some pillow blocks perhaps)
Or, since that's a lightweight kart and a very small motor I even think a bicycle hub could withstand the abuse, either a front hub (as a pillow block replacement) with two sprockets welded/bolted to the collar, mounted to two simple tabs on the chassis.
or an internally geared rear hub for 'more speed on tarmac';
I can only guess, but I think it should withstand the 500W the motor can provide.
if you have one laying around it might be worth a try

but check it's reduction rate to dial it in... and don't buy one for this task;
it's a lightweight kart/kid and a small motor alright, but it might already pushing the limits of a bicycle part.
it MIGHT work.. but then again it might NOT, I don't know for sure.
'sid