Remember this is a bike designed in the early 1980's and as-such, the traditional path to increased horsepower is intake (carbs, filters) and exhaust (new pipe, complete). This is pretty-much true for any UJM of whatever ilk-cruiser, muscle bike, standard, of that era.
To get really increased power from those era bikes, you have to tear it apart and go bigger bore and or stroke, increased compression, bigger valves, high-lift cams, high-performance carburation and then there-goes your ridability, reliability, and wallet-contents. Take a look at Sean's spreadsheets for the costs involved. Please note that due to much experience, people like Sean Morley have developed packages which can retain those elusive qualities a poor hop-up costs you, as in drivability, reliability, and being content w/what you have done.
'customizedcreationz' has a good point about leaving the thing essentially stock. Better tires, brakes, and oil/air filtration, along w/premium oil can make your bike handle better, stop better, and reduce wear on reciprocating parts, while possibly providing you with a smidge more power due to reduced friction and better breathing.
From there, you are limited by only your bank account and the skills of who does the work. Leave it stock, ride it, enjoy it, and watch the other guys spend money like it doesn't matter. In the end, you'll probably be able to ride when they can't because something-else on their bikes need work, or when you go riding, they can't survive in stop & go traffic. Sure it's fun to have a hot bike, but it's no-fun to have a too-hot bike!
Maybe the best answer is to build one bike and keep one stock, and when the Hot Ride gives you mechanical problems, hop onto Mr. Stocker, and experience the most trouble-free riding-from a stock bike. :biglaugh: