If you want to improve the engine for little extra power for minimum $ then:
Get yourself a cast Ali flywheel and some offset keys for timing, non hemi engine uses the same GX standard taper (apparently)
Gas flow the head, or just buy one already done, If you do it yourself, it's only really your time for cost.
Buy an appropriate exhaust, and a better carb, plenty of gx shops will offer an upgrade.
If you are going to increase the revs past 4000, then you need to take care of valve float with higher lb springs and now definitely change the cam. Get a good engine oil made for these engines, ZDDP oils help protect wear surfaces and can save your engine.
Red beard garage has quite a few videos on the predator.
If you start to go past, say a stage one build then you are looking at a flat top piston, thin head gasket, billet rod, higher lift/duration cam. All this to make the engine breath better and push harder.