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I'm wondering if the previous owner didn't tinker with the throttle to try and make it go faster, as I can hit the rev limiter if I push the pedal down to far.
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Hitting the rev limiter could certainly be a sign the throttle is out of adjustment. The other option is the clutch is stuck and is not able to close down all the way on the belt.
Look where the cables attach to the governor arm on top of the transmission, the one on the right side (passenger side) has a small spring on the end and it's common for people to put a zip tie around the spring for more speed. It defeats the governor being able to pull back against the throttle cable.
When you press the GO pedal down watch the throttle lever on the Carb for movement. The pedal should move about an inch and then you should hear the switches on the throttle cam in the box click. Then you should have to press another 1/2" to 1" before the throttle lever starts to move. If the lever starts to pull open before the switches click the engine will start at part throttle and you'll have very little or no slow speed control. It will also cause hard starting in cold conditions, and can also cause some jerkiness when starting.
Also check the governor cable (from governor to the carb) for free movement. It should have quite a bit of slack and it should be able to move back and forth VERY Freely. If there is any dragging or rough feeling in the cable at all it can cause rough throttle response or cause the throttle lever to stick.