I'm not sure on the horsepower yet. It's going to be a chore to find a crankcase and cylinder head from 1955 to make the vintage class! The stock 200 cc Tiger Cubs had 14.5 HP at 6500 RPM (probably at the crank) and had a top speed of 76 MPH. I'm shooting for 80-100 MPH on a tuned 250cc gas engine with around 500-600# bike and rider weight.
Calkins, don't want to rain on the parade, but by the time you install the required safety equipment, retractable skids, roll structure, hans device, etc...etc... you may be well over the target weight. That is not a bad thing, but hopefully you read everything people suggested to get an idea what you are in for. I am not saying don't do it, I'm saying go in with all the info you can get and a plan... won't hurt to have a very large budget as well...