Are you going with the honda engine only because it was free, and you think this will be cheaper than buying a motor? Are you looking for a rider that can go faster than a stock bike? I feel you need to answer these questions for yourself before you can move on.
If you think using this motor will save money, I think you will be mistaken, as every other part you use will have to be custom.
Are you planning on retaining the belt drive or converting to chain drive? That in itself will present issues. If you use the potential of the motor, you will need to upgrade your braking, and add a front brake, just for the sake of safety. Simplex brakes are barely adequate for a stock simplex speeds. Are you thinking of going to moped brakes? Or a disc setup?
Rick C did an amazing job putting a similar motor into a simplex frame, but every part was built by him with safety in mind, from the frame on up.
Imho, if you are not prepared to go as far as Rick C did, you are much better off sticking with a Honda GX200/HF Predator/clone motor following a proven path.
I hope I am not raining on your parade, but just pointing out some things you may not be thinking about.