I have the Grubee 66cc engine with 44t sprocket on a Mountain Bike. Stock it would do about 30mph.
Widening the ports, modifying the head for more squish and leaning the carb gave me 44mph max.
This is about 10,000 rpm and was hard on the connecting rod big end bearing.
The Schwinn OCC Stingray is not really a bike designed for speed.
40mph is darned fast on a bicycle, even one with strong frame, big tires, and good brakes.
Spokes loosen up, bearing burn out, it doesn't stop quick or as controllable as a motorcycle or car.
I put a lot of miles on at 35-40 mph and have decided to slow down to a more safe speed.
The speed, compression and rpm are a killer on the engine and wheels.
I've been a motorcycle rider for 4 decades. I know what it feels like to have flesh grated off by pavement.
With a full face motocross helmet I have hit hard enough at 30mph to bruise my skull and get knocked out.
I've watched friends brain damaged forever from lower speed impacts. Remember Richard Branson?
This was a minor low speed bicycle accident with a helmet.
Be happy with legal speeds and the ability to climb hills. Sorry for lecturing.
Steve