My 16" euro jointer came from the factory with the 4.8" dia. cutterhead spinning @ 5500 RPM with a 3600 RPM motor. With the U.S. motor on it now, the cutterhead is spinning @ 5270 RPM which is more than fast enough for me.
The two things that make the higher speed safe is the modern wedge gib that holds the knife in place, and the dynamically balanced cutterhead assembly.
With the older cutterhead design and babbitt bearings, I would be nervous about speeds higher than the original design.
One consideration is adapting a modern cutterhead with more knives, or even one of the "shelix" heads. Some old machines are more easily converted to modern bearings, and I would research that option if upgrading the cutterhead.
Lots of used modern cutterheads laying around after straight knife machines were upgraded to "shelix" heads. Might be cost effective to adapt such a cutterhead to your jointer if the machine shop work isn't too involved.
In my use, jointer production speed is not a big issue. I have a power feeder mounted to my jointer, but hardly ever use it as it flattens some irregularities (or follows a twist) rather than letting the cutterhead make an unsprung flat face. Usually I skip-surface just enough for the planer to take over. In my projects and style of use the cutterhead speed doesn't really make a huge difference in the overall stock prep time.
Nice looking machine!
http://vintagemachinery.org/photoind....aspx?id=18964