Hi mate, it's a sidevalve engine so the ports are in the block, not the head, you can smooth them out but I wouldn't touch them unless you want to take the head off, otherwise little particles of metal will get into your engine and ruin it.
A pit bike carb would go great on that engine, you don't need any form of governor because the valves will float limiting the rpm before anything breaks, it's not a good idea to purposely make the valves float though.
Those old Mitsubishi engines are rare, I'm not surprised you couldn't find much on them! From what I've heard they're pretty good, you'l probably have trouble finding parts(such as gaskets) for it.
Things you can do for more power from your engine: (considering no performance parts are available to fit)
- Pit bike carb
- Performance air filter
- Porting the inlet and exhaust ports
- Reliving the block
- shaving head (not much though, don't wana kill the flow)
The last 3 would require a complete strip down of the engine, if you are going to do that then I would suggest getting new piston rings and (of course) lapping the valves.
Could you give us a picture or measurements of your custom exhaust? We may be able to help you to improve on it.
Thanks
Hayden