That looks like a pretty sweet mini...knew a few people here must have some mini-cycles to mess around with.
I thought about picking up a frame similar to Dr.n2o's...like a true "minibike" frame and working that up, but I decided to invest the money in my Baja instead and really do it up. I like the larger frame of the Baja bikes....you can actually ride it on trails and such without killing yourself, and mine now is very off-road capable. Mud, sand, hills...it's great. I actually prefer it to my friend's Kawi 125 dirt bike just due to the smaller size...more manueverable at slow speeds.
Good luck finding one of those Comet Torq-a-Verters now.....Comet went out of business this past fall and TAV2's are next to impossible to find new anymore(believe me, I called probably 2 dozen kart shops and nobody had stock left). There's some on eBay going for stupid high prices($300+). I've heard that a Chinese clone is on the way from a couple kart shops, so we'll see.
I'm really intrigued by that chinese turbo...for only like $300 it could be pretty kewl. But even stock this bike has more than adequate power, and I don't really want to mess with the motor too much in the interest of making it last a long time and be reliable.
My custom exhaust from Robertson's should arrive tomorrow. Had to ditch the goofy garbage-picked snowblower exhaust because it was crapping up the secondary with soot and it started sticking. He agreed that the stock mufflers are very restrictive in the interest of quiet operation, and his dyno testing(there's sheets on his website) show a good half-horsepower increase with one of his muffled exhausts over stock. A decent gain, considering it's 11hp to start with.