Wear-out the rear, and use that as an excuse to go radials. It's my #1 choice of "how to transform your bike." Better steering, better braking, better cornering, less shimmy from the front-end, better sex... most of this is true.
The Dynojet Stage 7 carb kit or Morley's Muscle carb kit w/a good aftermarket exhaust, tuned correctly will increase your performance by probably 10% or a bit-more. 120 +RWHP is a good output for something designed and manufactured in the early 1980's (despite the fact it was produced until 2007, virtually-unchanged). When it was released, it was King of the Hill. Like other performance icons when they were released, it serves as a reminder of "what-was," though the contemporary vehicles may out-perform it on all fronts, save-one. That's the time it was at the top of the heap, and for people of a certain age or those who revere those performance icons, it is "The One." For them, every-time they get-on the bike, it reminds them of that time in their lives when it was new, they were young, and anything seemed possible. A-body GM cars w/421's, 454's or 455's, Gen II Corvettes w/427 Tri-Power, Chryslers w/426 Hemi's, Ford Super Duty Cobra Jets w/Drag Paks, those are the cars usually compared to the VMax. But the VMax is balls-to-the-wall quicker and faster than any of those, in stock condition. Sure, send it to Kar Kraft, Holman & Moody, Smokey Yunick, Royal Bobcat, TRACO, and any of the other premier tuners and modifiers of those vintage American iron, and they will make even-more HP than they did stock (some of those guys are tuning in the Great Garage in the Sky). Indeed, those same tuners often had a hand in the design and/or manufacture of these beasts which distinguished themselves on the roads, race tracks and dragstrips of America and the world. And the VMax with a similar amount of attention, will howl at the moon and far-exceed its original performance parameters. Built for 22 years, that's nearly 1/3 of the time that has elapsed since a motorcycle with one-half the VMax's horsepower was the world's fastest and most-desirable motorcycle. The Vincent Black Shadow, a legend then, the Yamaha VMax, a legend now. You didn't buy an old bike, you bought a piece of motorcycling history.
Hi new newbie , have fun with the new used vmax, good 1 the vmax is a legend.