Looking good with the new mods.. That dual pocketbike carb manifold looks sick and it should flow plenty good enough.
I've been toying with the liquid cooling idea hear too since I live in a rather hot climate. there's one on Arrow's page that has a liquid cooled head on their site
http://www.arrowmotorizedcycles.com/index.html then click thru the slide show pics at the bottom part of the page. It looks like a solid aluminum head that has a small inlet and outlet on the top of it for the coolant to pass thru with a small dirtbike radiator on the side of the frame, but I'm not sure how they're circulating the coolant, probably with a battery operated pump hidden under the tank on the frame, but can't really tell from the pics.
You may be able to fab up a pump that's engine driven and fit it under a centrifugal clutch cover by using that space for the pump instead of a centrifugal clutch.
You could probably liquid cool a puch head by putting it in a lathe holding the head by the spark plug hole and shaving the fins down until you got a round pattern and welding an enclosure to it. You would have to decide whether to keep the top fins or to cut them off as well, then add some fittings to the enclosure and route to a small dirtbike radiator. The other option is to use some aluminum round bar stock and cut in your own combustion chamber then route out the top for the liquid to pass thru and put a shouolder on the outer edge and cut a groove for an o ring, then use another piece of round bar stock to route out and cap off the bottom piece, the o rings will seal in the coolant and you could place the inlet and outlet fittings wherever they would work best for your setup.
If you wanted to liquid cool the jug as well, you could just lathe off the fins until you got them round, wrap in aluminum sheet or tubing with about a 3mm wall thickness and weld in place to seal off, of course, drilling thru the fins etc to allow coolant flow, then put an inlet and outlet fitting so the coolant would flow thru the head into the jug, and back to the radiator.
I'm just throwing ideas out there that could work, but it may be even easier to find a jug that's already liquid cooled from a small dirtbike or scooter that had the same 47mm bore. I was reading a little on some older posts and saw where someone put a Puch jug on this engine by using a longer rod and a spacer with excellent results, but that also got me thinking we could do the same with a liquid cooled setup if we find one that has the same bolt spacing and close to the same bore size.