Even a 3hp engine will do the same speed I think. It all comes down to gearing and tire size and if you choose to modify the engine can help but most the engines run at 3600rpm stock so a 3hp in theory is technically as fast as a 5hp just a little less torque. At least that's what I believe. I may be wrong. Just learning myself but if I'm wrong someone will correct me. Altho you've already got the answer you wanted. Just adding a bit for others that may come across this thread in the future
Gearing makes top speed.
HP is how fast you get there.
3hp engine is just as fast as a 5hp engine at 3600 rpms. So horses get you there faster?
Uhmmm
almost..
IF the engine has enough torque to get you to the speed at that gear ratio, then YES,
it doesn't matter if it's a 5.5hp, 6.5hp or 7hp engine... except that the more torque (coincidentally hp) the quicker it'll be at speed.
But cutting the torque in half (say comparing a 6.5hp to a 3hp engine)
chances are that with identical gearing the 3hp engine doesn't have enough torque at all.
So you should still account for that by getting a lower gear ratio.
Also -as always- depends on weight wheelsize etc as well;
so in general:
Do the math if you want to know
'sid