If it's running smoothly, no missfire, clean plugs that are the correct colour, etc. then that's bloody slow, even for a Harley.
Any sign of the engine having been stripped in the past? It's possible that it's been rebuilt badly, cam timing off or something like that.The review I just found says 64bhp/110mph standard, so ~75mph when restricted to 33bhp doesn't sound too far off. Any way you can check with the previous owner?Check that the throttle slides are opening fully. Check for washers installed within the inlet and exhaust pathways.