Just having a manually operated clutch to get the drive train engaged (initially), doesn’t disqualify a MB from falling under the definition of a moped so long as you don’t have to use the clutch again once you’re under way, as in shifting a manual transmission.
40-1-1(28) - Moped: A motor driven cycle equipped with two or three wheels, with or without foot pedals to permit muscular propulsion, and an independent power source providing a maximum of two brake horsepower. If a combustion engine is used, the maximum piston or rotor displacement shall be 3.05 cubic inches (50 cubic centimeters) regardless of the number of chambers in such power source. The power source shall be capable of propelling the vehicle, unassisted, at a speed not to exceed 30 miles per hour (48.28 kilometers per hour) on level road surface and shall be equipped with a power drive system that functions directly or automatically only, not requiring clutching or shifting by the operator after the drive system is engaged.
Thanks Barnfresh!
I went advance.lexis.com to get what I believe to be current copies of Georgia state laws, and confirmed your citation of 40-1-1(28).
The way I read things, I fall essentially under the moped regulations, though, predictably, some ambiguity is introduced with definition 40-1-1(30):
(30) "Motor driven cycle" means every motorcycle, including every motor scooter, with a motor which produces not to exceed five brake horsepower, every bicycle with a motor attached, and every moped.
In this, they somewhat differentiate mopeds and "bicycle with a motor attached."
I don't find this phrase used anywhere else though, so I'm going with the definition of "motor driven cycle", and "moped". Bicycle laws prohibit Ape-hangers", and so I assume I'd have to follow any such restrictions on bicycles as well. Here's a basic summary of what I took from reading the Georgia laws:
50cc or less
30 mph max
No shifting required after drive system engaged
headlight required
tail light required
rear reflector required (can be integral with tail light)
turn signals required (visible from front and rear, and could be "mechanical" - that could be fun and interesting)
brake light required (mentions operating by foot brake. Mine will be operated from hand brake.)
Minimum of (2) brakes, operated by hand or foot
Operator must have valid drivers license
No Ape Hangers (bicycle)
Also I'm pretty sure I need at least one mirror, but I missed it on my review tonight.
Thought I'd share that. I should've noted the citations for each of these, but I haven't...
I have some inexpensive and hopefully good-looking lights ordered from China. And mirrors.
And a magneto stator on the way that should include a functional "white wire" lighting coil. (The one in my kit was just the same node as the blue wire.)
I'm going to build a solid electrical system charged by the white wire system and powered by a 3S set of 18650 li-ion cells. Failure is not an option.

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I welcome your comments on how to interpret the legal stuff here.
And it's okay to say you think I'm perhaps going overboard. I'm going to enjoy building this and making it all look good and work well. And I hope to be able to take a ride into town without getting hassled by a cop. And all of this will make me safer/more visible.
Now, I almost got hit by a deer in front of the CVS on Main St. tonight in my car. I wouldn't want to run into her on my bike, LOL!