my thoughts on the frame... you could pick up an old rider mower from a junk yard. find one without the motor, or a non working motor. with any luck you'll end up with a good start to a go cart. you would have your wheels, your steering, and maybe even a seat. with a little cutting, drilling and such, you could have something that resembles a gocart. i know this sounds kinda ghetto, but i think that would get you further ahead than building one from wood.
with a little cutting and such, i'm sure you could get the center of gravity a lot lower, and you may not even have to replace the wheels. seems like you could come across an old broken rider mower for 50bucks or less. maybe even check with a small engine repair place?
i dunno if this is even along the lines you are thinking. this suggestion is aimed more for a tinkerer than someone building a racing machine.
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Snoogins
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