A few things come to mind.
I'm not familiar with the Mallory ignition system, but does it have an adjustable Rev limiter?
Is it set too low (like 3000 RPMs)?
Is the carb set up right?
Here's S&S's tuning instructions for a Shorty "E" or "G" carb (you didn't state what model of S&S carb you're running):
http://www.sscycle.com/tech-info/carb-quick-guide/
Finally, here's S&S's take on straight pipes:
"Open drag pipes work reasonably well for peak horsepower numbers on some engines but limit low speed performance on the street and can be nearly impossible to carburet."
"Overall, drag pipes are a poor choice for street use. Drag pipes offer nothing to break up the reversion wave pulse. This wave goes down the pipe and then the wave returns back up the pipes. When this wave is in proper time sync to hit the exhaust valve when it is open (pipe length affects the rpm that this happens) it allows the wave to enter the cylinder and when the intake is open during cam overlap it travels across the top of the piston (it is near top of the cylinder at this time) and out the intake valve. This wave continues out the intake through the carb where the next intake stroke draws it all in again. Each time this wave passes through the carburetor the venturi adds gas and makes the next incoming charge richer creating a flat spot or stumble or worse a blubber at this rpm. The longer the duration cam the worse this situation is. Also larger diameter drag pipes and fishtails seem to make this situation worse."
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