basic upgrade under 100 bucks would be the standard high flow intake, exhaust, and possible rejet. You can keep the governor on that setup. You can get one
here.
Another option (i havent looked too much into this) for added torque, is to increase compression. The engine you have is a copy (for the most port) of the honda gx200 engine. You can get a performance head for it, or just buy a standard gx160 head (smaller so=higher compression). the trade off with higher compression is that your engine will get hotter. I haven't looked into it too much. IT should be 'fine' though - do your own investigation on this. If the valve cover looks different, you may need to get a honda valve cover and gasket to match the head, but the head will match the block for the lifan. This upgrade should set you back 25-$35 for the head, and 10-$15 for the valve cover (if needed).
I have done the intake/exhaust and it makes a huge difference.