If you have an 11mm carb and a free breathing muffler on that Homelite with the other things you mentioned, it should run pretty good. Most of them I've done that way will turn a 16 x 8 prop at well over 8000 rpms. See this post about one I did several years ago:
http://www.rcuniverse.com/forum/m_26...tm.htm#2621860
By the way, that engine is still running strong in a friends plane.
AV8TOR