It drops power after 4750 rpm there is no rpm in this engine it will never make power with this setup. you need to address heads and cam and carb
First thing to go would be the valves. invest in good high performance valves (2.02/1.60)and a really good valve job not a std 3 angle but a good 5 angle. next would be the cam I would pick a voodoo 703 for this build. A inexpensive QF Slayer carb 750 will work very well.