Most any production small engine can be improved upon.
My first advice would to be find a good small engine builder close to you to work with, some things we just are not going to be able to tell you with out seeing the engine. Most of us do not give advice about engines we do not know!
One problem is this...most of us either use known good practices, or we experiment. By experiment I mean....we have a stack of engines to build and toss when things don't work out!
With your all but irreplaceable engine, there are no known good practices I would assume? SO proceed slowly with small changes at a time about anything can be undone except for catastrophic failure.
There really are 2 routes to go...
You can mildly work it over for just a bit more power, or you can get radical with it.
If you want to go plum nuts, like has been said you are going to need alot of custom parts and a big wallet!
You can do some port and polish work if you know how, or have someone that knows how to do it. On an engine that rare I would want some one with a flow bench to do the head & block work.Really on a mild rework the bench is worth more than on a really radical change.
For a Camshaft I would definitely call Tim Iskenderian at
www.smallenginecams.com (310)769-6880. He is familiar with scooters.
I am sure some head work could help it out as well. Carb tuning, work on the intake, etc etc etc. Basically every thing you do to any race engine.
Again, we cannot really give any specifics without knowing the engine!