Yeah, WG'ing it wouldnt do much good, on that bad boy you vary the rpms by how much gas you burn.
If I had money to throw around I would totally do it. You could get a couple little turbos for $200 or less and I bed you'd have less than $50 in materials after that. I'd do it right down in front of my house at like 4 in the morning so there's no cars to hit... I wonder how fast you could get going?? Just pedaling I could get it to like 27-28 if I used my highest speed, at like 20 is when I'd turn those bad boys up. There would be a couple things I'd be worried about though... A) pot holes and other obstacles (people, cars, turns), B) tires shredding or wheel hubs burning up, and C) stopping it.
Can you imagine trying to stop that thing? What if you got going 80 or 90 mph? I bet you'd shred through a set of brake pads like they're nothing... same goes for the tires, especially if you try to turn. Can you imagine hearing WSSSSSSSSSSHHHHHHHHHHHHHHHHHH and seeing some dude of a fucking Schwinn flying by at 80 mph?