do you have access to a lathe?
You could probably use a weedwacker engine, but it would probably be too heavy for the power, and it would make the car quite big.
The nitro engines that are used on nitro cars rev up to something like 50,000 rpm! if you could find one of these cheap it would be ideal.
Unless you want something quite unstable and bulky I wouldnt use the 5hp. With that and a small wheel base you will have a high centre of gravity and it would be less stable.
As far as the electrics go, you could probably use the electric motor wires from the hummer to power something that controls the throttle. Then leave all the steering electrics etc. the same.