Heat, theres no real inherent seek time increase, you could add a second head if you wanted for the outside layer, so both heads would only be moving the same amount of distance, most of the seek time is in the starting and stopping rather than the movement phase anyway.
The problem is you just can't have a 10kprm drive thats 5" in diameter, the outside edge is moving a lot further than the inside track, its essentially moving a heck of a lot faster and the bigger the platter the greater the speed on the outside.
Basically the outside would be moving, accelerating and slowing down enough to introduce more torsion and you end up with a hugely friction inducing over heating and shattering platters. We just don't have the materials available to be light and strong enough that can store enough data to move that fast without a huge amount of failures.
THeres entirely no reason you can't have a 2krpm 5" drive with ridiculous capacity, but we don't really need those drives. They'd be far slower, use more energy most likely with a great weight per platter and, well most people just don't need sizes that big, and those who do, servers that store lots of data, prefer multiple smaller drives so they can run in multiple raid configs for redundancy.