you should never limit the throttle..
chances are you prevent whatever clutch (TC or cent) from fully engaging... and thus from burning through.
Yes, if done extremely carefully you can limit down to the exact point of full engagement...
but then there will be no pedal movement left to set a speed... it'll only be on and off (or burning clutches/belts)
keep in mind that a goverened engine only has ~1600 rpms from fully engaged clutch to max rpm.
So removing half of the top speed is NEVER going to work (since that's already below the speed for a fully locking clutch)
A TC speed limiter works differently.. it'll always allow the clutch to fully engage but it'll prevent the mechanism from shifting up.. so instead of a 0.9:1 final TC ratio you'll be stuck with say a 1.6 final TC ratio (adjustable all the way from 2.7:1 to 1:1 with the turn of a nut [two nuts])
and 1.6... means a 96 teeth rear axle sprocket (see where I'm going with this Doug?

)
so in order to go as low you'll likely need a jackshaft anyways...
thus the weight is the best option you'll get.. it allows adjusting the top speed without risking to destroy the clutch (belt in case of a TC)
and since it IS adjustable you can not only set it higher and higher as the kid grows up;
you can also just replace it with the original weight (you wouldn't throw it away, would you?)
when the kid's old enough (or you want to have a go your own).
'sid