You could test ride it a bit more and take note of how it behaves at different rev/speeds and throttle openings. Does it start up easily, hot and cold? Does it smoke? When you say it won't go above a certain speed, are you sure it's the speed? It's more probably a certain rev, or a certain amount of power that it's being limited to. If you put it in first and give it throttle what exactly does it do, then if you try coaxing it along in third gear, what exactly does it do? Is it limited by revs, or torque required?
The speeding up could be as simple as not enough free-play in the throttle cable, or it could be a sign of a worn out motor. The same can be said about the lack of power.
I'd check the throttle play, the compression, that the carby was fitted correctly and that the manifold isn't leaking air. Then I'd test it. Then I'd check the fuel flow to the carby, and that the exhaust wasn't blocked.
If those tings are correct, I'd take the carby off and clean it and check it's jet sizes are right for the bike.
First though.. I'd check the compression, and probably valve clearance if I wasn't certain the compression was good.