did you ride the bike before you put the engine in it?
did you check the rear wheel bearings before you put the sprocket on and engine in the frame? did you adjust the rear wheel bearings?
I ask this because if you took an off the shelf bike, built by some ya-hoo that works at wal-mart, chances are that he never adjusted the rear wheel bearings when he slapped the back rim on the bike. ( he doesn't have to because the wheels come pre-assembled or he didn't care enough to check their adjustment.)
The grease that is used on the bearings on cheaper bikes is garbage grease. Usually they don't put enough grease on the bearings so they can save a buck.
This may not be your problem, but it's possible.
If I were you, I would remove every set of bearings from the bike, clean them, and re-grease them with some good quality grease. You need to pack the bearings with grease, not just coat them. make sure grease gets packed into the bearing cages.
Then make sure you adjust the bearings so they aren;t too loose, and so there is little to no drag.
Beleive it or not, but properly greased and adjusted bearings will add to your speed.