You will see some gains from what you have listed, they wont be huge gains if your leaving the governor installed, but they will be an improvement. If your getting the billet flywheel, why not remove the governor? There really is no need for the billet flywheel if you are leaving the governor installed. The vent hose from the stock tank, you can remove that vent hose and put a cap over the vent on the tank, and either drill a couple of small 1/16" holes in the stock fuel cap or get a vented fuel cap for the tank and you will be fine. Most just drill a couple holes in the stock fuel cap. For the one in the valve cover, you can run a hose from the valve cover to a homemade catch can and it will work good that way, just run a hose from the valve cover into a pop bottle or one of those energy drink cans that are made out of metal, with a screw on lid, they work great. Just make sure that you also run another hose out of the catch can and put a breather on that hose. So you basically want 2 hoses coming out of the catch can, one going to the stock hole on the valve cover, and the other one can be a short hose with just a filter on it. I have used the metal 12oz energy drink cans with the metal lid before, they work good if you punch one hole in the middle of the lid and run your valve cover hose into that hole, then punch another hole in the side of it at the top next to the lid, and run your vent hose out of that one with the small filter attatched. You need a filter on it for sure, the vaccum from the engine will pull air back in the vent hose. If your keeping the engine mostly stock, you could probably just use a short hose from your valve cover and put a small filter on it, but the catch can is a much better idea in case something happens to cause you to push oil out of the engine thru the vent hose. I have seen some people remove the stock tank from the engine and install it on the kart, using a fuel pump to get the fuel from the tank to the engine, that works pretty good, but if you can mount the tank somewhere that it is a little higher than the engine, you wouldnt even need a fuel pump, gravity will get the fuel to the engine. I just dont trust the stock tank being that close to me on a kart, although iv never seen one catch fire either.