I don't know, Mr Tebs, about setting a rev limiter to what the redline is guessed to be.
If you think about it, all engines have rev limiters - sometimes it's the rods, sometimes the main bearings, sometimes the heads, sometimes the pistons. If you run it at the redline long enough, sooner or later something will do a great job of limiting all those fun-loving revs.
An extra add-on, after-the-build, just-in-case kind of rev limiter is supposed to be a less expensive way of doing the same thing. It's an especially good idea if the driver is young, fun-loving, and half-drunk on the sweet ambrosia that is early spring in California.
Or maybe you want Ted's little motor to go boom before he catches you on the 1?