The best I've found for getting more power out of that Lycoming is to put an O-320 crank in and bore the case for O-320 cylinders. You could even use the same crank and just put on new O-320 cylinders too. While it is apart you will want to get the cam inspected and overhauled. They seem to be the weak point on that engine. The cam gets plenty of oiling when idling. It gets rusted from sitting and not being run. The cylinder walls get rusted too from not running. Overall that is a good engine.