(My advise)
I would make a basic frame out of steel pipe or box tubing. I would put a roll-cage so you don't snap your neck if you flip the cart.
Put some leather around plywood and cushion and bolt it to the frame. Buy an engine mount from a seller like BMI Karts. 5.5hp will get you in the 20s. I would leave the governor on but if you decide to remove it find some way to attach a tachometer to monitor the RPMs.
Smooth tires are best for traction on asphalt.
As for gearing, I'd do a 72/12 which will get you enough torque plus a bit over 25 MPH (for my engine at least) on 9" wheels. No idea what it would be for 6" wheels. That seems a bit small.
Drum brakes are fairly cheap, but bands do the job and are very easy to set up. And they're cheap.
Or you could just buy a beat up kart on craigslist if you're not into welding.