you won't see 35/40mph with the 48cc china-girl engine.
In fact without modifications you are seeing some nice speed on the 48cc
the best modification out of the box is the "tuned exhaust" you can get from Sick Bike parts
Sick Bike Parts
you can also get a 36tooth rear sprocket, however this will severely hinder your "up hill" climbing ability.. so if you get the 36t sprocket be prepared to help"pedal" on the up hill sections of your rides.
1st thing to upgrade are your brakes...
make sure you have good disc brakes....
DO NOT port the engine. especially if you are new to this. Just enjoy the bike for what it is.
Don't listen to them cut your piston skirt and make your exhaust port bigger it made all the difference on my bike
Only mods I have are: cut piston,kx 65 exhaust, shaved head and its makin 35mph!!! And now has a powerband!
You can easily get 35-40 out of a 48cc with some simple bolt ons. I suggest puch 50cc hi hi head and real dellorto 16.16 carb from treatland. Also mate the billet manic mechanic intake manifold and good expansion chamber exhaust. I also suggest the shift kit from SBP to get the most out of your engine, or gear down from the 44 tooth.
Here is my 48cc bike with only those modifications done to the external of the engine, fully stock internals.
http://motorbicycling.com/showthread.php?t=56583