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It has nothing to do with "a speedometer", it has to do with the OEM cluster.
I have no launch control, but i do know you can drive these cars without the speedometer connected (that is one way to go over the speed limiter). I don't think the problem is there, unless it has to do with launch control not detecting you are moving - and it may detect you are moving based on speed info.
The first thing you could do is change the launch control setting. Or remove it.
If it were not for the launch control, and you could reach higher rpm without going much on boost, i'd say boost leak / problem with fuel delivery though.
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