You'll want to limit that by adding washers somewhere along the shaft, but MAKE SURE the backsides of both pulleys are aligned with each other.
That's because on every small engine like these, the throttle is connected to a governor assembly, which is going to want to limit the max rpm to 3600 rpm or so. Basically, the actual carb throttle is controlled by the governor, so that when you mash the pedal you're telling the governor to open the throttle - which it does until the engine rpms climb to the regulated max, when it'll back off (even though the pedal is still floored).
Good video on Tecumseh governors
here.
Also, the key engine numbers you're going to want to write down are: "OHH55", and for extra detail add in the "6910E". You can do a google search with those and come up with all sorts of parts, videos, pics, etc. For example, I googled: "tecumseh ohh55 69101E", and the first hit is a
"Parts Tree" site with an exploded view and all the part numbers, where I get the carb Tecumseh part number = 640025C. I take that number to ebay, and I get a
whole list of carbs, carb rebuild kits, etc.