Surely if it's losing power when it hits the rev limiter, it is doing what it's supposed to do. You're way past peak power by the time you get to those revs anyway and all you're doing is risking potentially catastrophic damage to the engine.
I have never felt the need to redline mine, never mind bounce it off the rev limiter but I assume the ECU cuts the spark so if the carbs are still chucking fuel into the engine, wouldn't that mean unburnt fuel in the exhaust when the spark starts again maybe that could explain the popping. Just a thought, I'm no expert.