Frontal area will be a little higher than that - probably closer to 0.6 m^2. I've heard of 0.8 as a drag coefficent for a kart, but I reckon it's a fair bit higher too, tend to use 0.9, but wouldn't be in the slightest surprised if it's higher still.
Race Studio doesn't appear to have any means of accounting for the stickiness of the tyres, which absorbs power even in a straight line, or the linear rolling losses. So whilst it might give you an idea of the shape of the power curve, at best the figures tell you what power gets applied to the track surface, without accounting for tyre, chain and bearing losses. It will always read a bit lower than expected, especially when compared with engine dyno figures.
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