Basic upgrades (if you are using an industrial engine)
Stage one: high flow intake, exhaust, some sort of dirt bike carb (you can keep your regular carb, and outfit it with a high flow adapter if you dont want to be able to go up to stage four, or dont care about max performance at stage two or thre).
Stage two: governor removal, billet connecting rod, heavy duty valve springs. keep rpms to 5500 or below.
Stage three: choice of cams, billet flywheel, timing advance
Stage four: ratio rockers, chrome moly push rods, stainless valves, port job, flat top piston, balance rotating assembly, possibly bore to larger diameter, smaller ring gap, mill head for desired compression ratio, use the appropriate fuel.
Might want to look at the costs of that vs just getting an acutal engine for a dirt bike or small mororcycle to begin with and adapting the frame to it.
Personally, i think the whole predator 212cc, 30 series torque converter, and stage 1 kit is a pretty inexpensive way to have a lot of fun!