Is it an LST with high/low on the trans as a knob + the two speed? If you have it in "low", it won't go very fast but will have insane torque.
If it's in "high" range and your two speed isn't kicking to 2nd, then that will obviously also cause your issue.
Is the truck new? Have you done any work on it? There's a few reasons why the two speed wouldn't be working. It could be slipping if it's really worn or it could be as you said, set to tight. Or it could just be stuck.
My buddies LST2 out of the box had 2 speed issues. He didn't know it since he was so new to the hobby. The first time I saw it I was all excited to see it go (not new to hobby, but get childlike none-the-less around new stuff). He fired it up, warmed it up, then pegged the gas. He was all grins and I was waving my hands in the air "STOP STOP STOP STOP". I'm surprised he didn't snap his con-rod. He drove it like that for about half a gallon before I met up with him. Poor little mach didn't know what was coming!
Anyway, his was getting stuck on the bolts/spring that hold the two speed shoes together. I went a little overboard with what I did to it, but it worked. I stuck his two speed bolts in my dremel and ground off the threads that stuck out of the shoe so the spring wouldn't catch and the other shoe wouldn't catch. Then it worked fine... and he realized why I was yelling "STOP STOP STOP" (when previously stuck in 1st) as it hit second gear for the first time and took off on him!
EDIT:
sorry... went a little wayward there on you.