1) It comes with a throttle stop and (unless the dealer or previous owner takes it out) a restrictor in the exhaust. It can be slowed down to the point that it can't be balanced, and the top speed is around 30mph. My recommendation it to remove the exhaust washer and set the just use the stop to control the speed.
2) If my memory serves me correctly, 2.5. I could be wrong, they'll pull 200 lb man, but barely.
3) There is no more appropriate age, as long as he can comfortably touch the ground with his feet, and is mentally able to understand what the control do, and where they are. The ability to ride a bicycle without training wheels is a huge plus, because it shows that he has the balance.
Also, remember, he will fall. Probably a lot at first. I recommend, at a minimum, helmet (MX style, not open face), elbow pads, gloves, knee pads, good boots that cover the ankle. Also make sure he wears long sleeves and pants when he rides. That will cover most of the impact areas, until he starts jumping it.