Equipped item gives player inc. speed

You’ve answered your question yourself already. Using tool events .Equipped and .Unequipped, you can change change walk speed this way:

local Players = game:GetService("Players")

local character = Players.LocalPlayer.Character or Players.LocalPlayer.CharacterAdded:Wait()
local humanoid = character:WaitForChild("Humanoid")

script.Parent.Equipped:Connect(function()
	humanoid.WalkSpeed += 5
end)

script.Parent.Unequipped:Connect(function()
	humanoid.WalkSpeed -= 5
end)

This script should be put in local script and belongs inside a tool. In case your tool doesn’t have a handle, you have to uncheck the “Requires handles” property.

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