Too much power, you will be on your butt more than riding. I would look for or swap that engine with someone that has a Honda with a 2:1 gear reduction built into it with the wet clutch. This would make your project much easier to get a speed that you can handle. And yes figure out a GOOD braking system because the one you have was not based on the speed you will have.
If the tire in the picture is 8" in diameter your speed would be 23mph and if it is 10" then the speed is 29mph based on the 12 /48 gear ratio you gave us. Those are FAST when you are standing up going and you hit a bump that tosses you off you cannot get running that fast to stay on your feet and things break and take a while to heal up. I am old and try to think things out before I jump off the bridge - how deep, is the water cold, the current fast, how big are the sharks, will a boat with a 120hp pass over me before I surface. I try to anticipate most surprises before I hear those famous words-- "boy were you dumb".