Best upgrade is the Polini 74cc cylinder kit. Around 150 bucks, and increases stock HP from about 1.9 to 4.9. Easy install, bolts right on, Italian made. Even if you don't do any other mods, this thing will still rip.
Check treatland mopeds to get one.
10t cog up front will help acceleration.
Obviously, bigger carb and tuned pipe will make it faster.
I've got a V1 on my race bike and ported the stock jug, built an expansion chamber, 18mm mikuni carb and could hit 45mph, but it took a long time, and sucked trying to get out of the corners on the track.
Once I put the Polini kit on, the bike turned into a rocket ship. With the right gearing it'll probably hit 70mph on the street.
Right now it's geared at 9-42, 'cause I want it quicker, not faster, for the track.