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If I were building something on a budget to satisfy this, I think it'd probably have a Honda ED-series engine putting power through a freewheeling preselector gearbox into a shaft-drive single rear wheel (BMW motorbike style).
Tadpole design, narrow front (think Morgan 3-wheeler style) with ducted cooling up the back. Bulkhead-mounted fuel tank, polycarbonate fairing. Front suspension single wishbone/tilted strut, which can be faired. Kamm rear end.
All off-the shelf, conventional stuff, probably an excess of power available but it'd keep up with traffic, is simple enough that it can shut down when it's not needed and fire up when it is. Low unsprung weight for higher speed handling.
--Phil
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