My intent is to keep it under 5000-5500
rpm,
I sent my 12+hp Predator 212 minibike (DragginBallz) off to Ohio (had the round silencer) with the OEM flywheel still on it, and didn't lose a single minute's sleep about sending the buyer a timebomb. The valves with the OEM 10.8# valve springs will start to float at the rpm you say is your intended limit, and the cast iron OEM flywheel won't explode at that point.
Much has been said about using valve float as a rev limiter, but the other options always have a possible failure variable. Valve float can't ever stray into an over-rev state, because valve float won't let the motor spin any faster no matter how much gas you give it.
Just beware of stiffer valve springs, it's the most common factor for increasing rpm. Plan for that with the proper safeties in place, like billet parts in the rotating assembly.
ADDENDUM: My personal choice for a 15+hp Predator 212 (has the rectangular silencer) with cost being a concern has been a PVL 28-degree flywheel with a 7.2-degree advance key, a .265 low/mid torque cam, and an ARC billet .020-over rod, and a .012 S.S. head gasket. No valve/piston contact in that mix.