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If your tractor is in need of a rebuild nothing you do short of that will significantly enhance preformance. If you do rebuild the engine you have lots of options, the easiest and cheapest of which is to install a high performance sleeve and piston kit. If you are trying to rebuild it as a monster, the puller forum is the place to go - I've heard stories from them of 100+ hp M's. If, on the other hand, your engine is sound, the best way to get the most out of your M is to make sure it is top mechanical condition - make sure all the routine maintance is up to date; do a tune-up; usere solid copper core wires & the appropriate (hot) plugs; repalce the distributor cap if scored or cracked; make sure the timing is correct; govenor should be correctly adjusted and functioning properly, carburator should be clean and properly adjusted inside and out; you should have no leakes in the manifold or manifold gaskets; if you have a mag, make sure it is not weak; use good gas and keep the gas tank clean; work the tractor until it's hot, but let it cool a bit at idle before you shut it down. Be sure to get the power on the ground with good and properly inflated tires. As to minor modifications, some people adjust the govnenor to get slightly higher RPM output. I don't know for a fact that this modification has any negative long term effects, but in my experience the IH engineers really knew their stuff and if it was a good idea to run at higher RPM's they would have modified them so at the factory. If you have a distributor system, electronic ignition helps reduce power-robbing misfiring. I'm sure others will have suggestions as well.
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