I REALLY WISH I could find the article a go-kart racing team published online about their experiments with a stock B/S 5hp engine. What they did was a step-by-step progression of hop-up mods to the motor, after each step, testing it on a dyno. The biggest increase in HP was putting a 14" header/exhaust pipe on it. I believe the other was converting it to alcohol operation. One odf the cool points they brought up was that within the engines working rpm operating range, the only necessary mod was to replace the rod/slinger with a better arrangement. (The stock slinger was prone to snapping as it struck the oil at high rpm.) What I gathered from the article was that they were pulling almost 7hp at 4400 rpm with just improvements to the exhaust breathing. It was even a bit stronger at 3600 rpm. If I can find this article again, I'll post it or a link to it.
After reading it, I tried running with a 14" pipe, expanding to a 1" pipe fitting at the end, and then screwing on a a large (B/S 8hp low-restriction muffler) onto the end. It was still fairly quiet, and it woke the engine up on the upper rpm range. (This is the grey sickly oil-burner you see in some of pix of the low-rider). I still have the motor, but the HF 6.5 was too tempting to pass up,- the old motor is REALLY tired, mechanically.
Hope this helped.