That may be a rule of thumb and a simpler way to look at it, but that is not the most precise or correct way.
The most precise way is just blowing smoke because there are so many factors. Air resistance is a function of velocity squared, so in order to provide enough power to match air resistance at double the speed it usually takes about 4 times the torque. HP being a function of torque at a given rpm, HP is directly related to the maximum air resistance force which can be overcome for acceleration.
Based on what pocket bikes with much smaller frontal areas and better aero can do with a CVT 50cc and a long stretch, I think 50mph is totally possible with about 5 hp, but to hit 60 its gonna take much more power to overcome the wind. If you overdrive it it will lose so much torque that it will probably slow down.
It will be cool to see how fast a high strung 50 goes with some gears. To get 60mph it's gonna require dusbin fairings or something. Maybe I'm wrong.
Weight can play a factor in top speed because the heavier you are, the more speed is scrubbed with every bump you hit. Suspension will make your bike go faster if it floats well. Weight also affects how much friction occurs at the bearings which saps power. Standing up and taking weight off the rear axle of my electric MX makes it go up hills faster by reducing friction.
The 110cc 6hp Lifan super pocket bikes with 4 speed manual with lots of torque will top out at 50 mph. I would expect with another 3 hp 60mph would be achievable.
You can get big power out of a 50cc, 10+ hp if you tune it right. I think one of the geared 3 speed hubs can hold at least 1.5 hp from experience with a 1000 watt electric motor and breaking stuff in and on the IGH. A china definitely be okay on a geared hub, when you approach 4-5 hp it's iffy. I'd like to use a IGH jackshaft for a 50 2 stroke, it's gonna be close with the maxing out of the hub. The planetary gears are tiny, so I wouldn't expect them to handle 5 hp for long. Some of the new geared hubs are pretty cheap, so if you made it a regular service item like a racing gearbox, it wouldn't be an issue. If you're rich you could just swap them out like $100 cartridges and never open them up.
Whether this would work on an everyday bike, sure as long as you take it easy. There are so many weak points at least in the Sturmey hubs, like the cog, the driver, the right hand ball ring, the cable adjustment, the cone adjustment, the lube level, shock loading, it can be a pain in the ass to maintain and keep from crapping out because one thing will lead to the next so quickly and frak the guts. NEVER get wheel hop or the pawls will shatter, believe me. Some sort of drive damper to the hub driver would reduce a lot of the shock loading that will eventually kill any motorized geared hub.
I definitely like the idea of using the hub as a jackshaft because it's easier to replace the unit when it eventually dies, since you don't have to re-spoke the whole thing, or replace the innards.
Keep up with this, I'm definitely down with the idea of making light efficient bikes since the big chunky motors don't seem very befitting for what I'd like to use for frames to start with.