Re: First build, cheap 2 stroke or expensive 4 stroke
If you have the funds, build it the way you want it. If you don't like a cruiser, don't build on a cruiser. If you like 4 strokes (I prefer them too) then use a 4 stroke.
The HF 79 is a fantastic engine. You can mount it with only a centrifugal clutch, or hook it up to a cvt for higher speed and better takeoffs. I have a cvt on a Honda 196cc engine and it's great. It cost under 80 bucks on eBay. It's all about what you want.
Never stop wrenching