What I would like to do I something along The same lines as the suspension. I know he doesn't need suspention or for it to go fast now but in the future I would like to be ableto have the option without having to spend more money or fabricate more parts. I plan on putting some sort of a mechanical governor, whether it's at the pedal or a stop on the butterfly for the carb. I would rather not dish out the money for the torque converter, if I have to why will. What is the benefit of the jack shaft aside from reducing the size of the drive sprocket?
Do NOT make a stop for the pedal or the governor. That is the worst thing you could do. It stops the engine reaching full revs and your clutch never gets the chance to lock up properly. This creates friction and your clutch has a half life of 10 seconds.
If you want to reduce spead, the best way to do it is through gearing. Daisan is right