FWIW, I purchased one of the 79cc HF motors about a month ago, started it and after verfiying that it runs I then took the whole thing apart to remove the oil sensor and govenor parts. In my opinion I was pretty impressed with the quality of construction on the engine. I also have a Huasheng 4 stroke and the HF engine is much better quality construction.
I think the carb on the HF is POS, however!
As for performance mods I'm thinking (if there is enough valve to piston clearance) the head can be milled to raise compression. Also the HF engine has a big and heavy flywheel. If the flywheel is machined up a bit and lightened, would that help performance?
Bob