First thing, even going 40 on an unprotected vehicle like a kart is dangerous, let alone 80. Make sure you know what you are getting into and that your chassis is suitable for those speeds and in perfect condition. And now:
Biggest improvement would be using an un-milled gx140 and an ARC long rod with flat top piston to get zero deck height along with at least a 24mm carb, that puts the engine at approximately 13.7:1 any higher than that and it will be alcohol only and require extensive block modification. With 13.7 you can still run on premium fuel with a fuel air ratio of 12:1 or greater.
At the very least you will also need a billet flywheel for safety and a large cam to take advantage of the much greater compression. I would also recommend a fully upgraded valve train for longevity and additional power increases
Port the head to match the valve seat id and polish the exhaust port, replace the head bolts with studs drill out the little oil hole between the pushrods in the block, and vent the block and valve cover through a PCV valve and into a catch-can
I run a similar configuration and worst case you will get 20 hp and 8000-9000 rpm, mine gets about 28hp. I reach around 60mph at 8500rpm but I'm gear bound, I could go much faster with a different gear ratio.
If you check the classifieds on
http://karting.4cycle.com/ you can get stuff like the flywheel and cam lightly used for a lot less than new, check ebay for the carbs, they are cheap, and get the rod, piston and valve train stuff new.
Also, check out the OHV Motors section on 4cycle, they build some monster engines over there