The wires are for the TORS system. Do a search and you'll find many DIY posts on how to easily disable your TORS.
Hi revs usually means your sucking air....big time! Did you screw the carb cap all the way down? Keep in mind an air leak will quickly burn up the top end of your motor.
If there is no air leak, does the twist throttle function as expected with the engine off? Another way to put this is: do you have the full range of motion from the twist throttle now that it's installed? Does the throttle slide move all the way up and down as expected? Make sure you cable is properly installed and adjusted.
Good luck!