I checked into building a car a few years ago. Decided to do RC airplanes instead. Maybe the laws have changed, but 4 wheels made it not a motorcycle.
I'm not forgetting anything. Someone posted about the wheelbase of their wheeler making it unstable at speed. I showed it's not the wheelbase. You're wrong about shifterkart ground clearance, too. It's more like 3/4 inch at rest and 1/2 inch at speed with downforce. Deduct another 1/4 as the tires wear. It's not really the center of gravity, either, unless hauling around corners.
It's the balloon tires that make them unstable at speed. That is why the racers switch to stiffer lawn mower tires with flatter treads--less straightline traction but much better handling makes for more precise control and faster lap times. There are actually some companies making specialized race knobbies and even dirttrack tires for ATVs that are flatter and have stiffer sidewalls than normal ATV tires, kind of like 6-ply lawnmower tire carcasses with ATV tread patterns--all the crisp handling of the mower tires and the traction of ATV tires. Win-win. My son uses some from Maxxis on his wheeler. That thing is a lot more stable now than with the original tires. It's actually almost as much fun to ride as a motorcycle!
These ain't your daddy's ATC90s.