I have the same setup. I found that when I gear very high, it causes the spur to slip excessively. Even though the engine can push it easily, the stress on the slipper isn't handled so well and it slips. Once it slips (and it will), it glazes the slipper pad and then just slips really bad.
To me, the 3-speed is just a nuisance and is a better upgrade for a weaker engine since a weaker engine will benefit from the extra gear change (spread the peak torque out a bit more).
I'll have to dig in my pit box to see what I run with my LRP. I think I run 16/49. And when I tried 16/47, it did fine for a few minutes, but as soon as I hammered it in 3rd, the slipper slipped and it just went downhill from there.
If you could get the slipper to not slip excessively (without being locked down completely), you could get higher speeds with the LRP. Or maybe run lighter tires than I did to help lessen the torque needed to get it moving with the taller gearing. I was running HPI GT1 savage tires at the time.
I just switched back to 16/49 and live with it. 1st gear wheelies are a pain... but it has forced me to learn a bit of throttle control. I've contemplated going back to a two speed... but that's just a hassle.