Welcome!! What do you mean by "replace"? You can get upgraded parts for many of a standard parts found in most stock kits. For example, most kits come with a standard muffler exhaust pipe but you can get really good expansion exhaust pipes that will really wake these little engines up. Also, lots of people find it easier to get a sprocket adapter for the rear sprocket so that it will drive the rear wheel hub instead of driving the spokes. If you want to go a little faster you can get a smaller tooth rear sprocket or you can get a higher tooth rear sprocket for better hill climbing. Another good upgrade is a high compression head, get one with large fins that helps the engine run cooler as well as give you a better compression and more power. Also, if you are going to clean it up you should port the cylinder.
As far as bike parts go, make sure you have good rims, as fat as possible, the fatter the better, mag wheels or double walled rims are best but not necessary and get fat tires as fat as possible without the chain hitting. Make certain you have good front and rear brakes, disc is preferable for the front but cantilever ones can work fine. Get good tires unless you want to replace them every few weeks.