Assuming that is what it will be used for, not put to work on implements. From beginning to end these are the Items I would attend to. (some may put them in different order, or add or delete items) 1) make sure it is tuned up correctly and has a good properly advancing timing curve. 2} put a thin wall sleeve kit in it to make it SH displacement. Put the highest compression pistons you can find in it. 3} put a pulling grind reground cam in it, or a 350 cam and drive gears Tweak the governor (if allowed) to 2100. do not use this as an incentive to run it at 2500, it has three main bearings and is not balanced at the crank journals with bob weights. 4} If distillate head, get a X1 gas head. 5) Shave the cylinder head 0.100" (check piston to Head edge clearance and provide .015" clearance at least) and put in larger valves and a five angle seat grind. Much more expense with stock external appearance is tough to find. The carb becomes an issue of flow capability, and SH, 300, 350, and M carbs look way different. Premium fuel will be needed at some point, or you will hammer the rings down around the rods. If that is not a problem, 6} Put on the 400 carb (maybe bigger later) 7) add a hot coil and Electronic ignition. 8) bore the block and run the pistons sleeveless. The boring bar can find water jacket, limit your effort to about .25 total (might be iffy if the casting was made just a bit off with the core patterns) Others may chime in with safety limits. 9} Again put in high compression pistons (now the clearance will be requiring careful dome and chamber carving to clear interference. 10} use higher ratio rocker arms to get larger opening ov valves. 11} have the crank welded and ground for increased stroke. The maximum is money determined as the connecting rods and skirt clearances on pistons, and side clearance on these long stroke engines are rough to get more than .300" additional, but I do not know how much can be squeezed there. All additional effort will break something expensive. Remember the old saying "bragging rights are expensive for a $3.50 trophy"
In the mid to late 70s I was a neighbor to a Man named Merle Grimm (Sassy Massy tractor name)in northern Ohio. His final pulling tractor was equipped with a GE J-52 gas turbine engine with approximately 5000hp. It weighed about 4500 pounds and could run most weight classes. It had an articulated (steerable rear differential, and hydraulic rear steering. Its exhaust pressure applied more than 3000 pounds of down force on the front when running at 30% throttle. That man was paid to show up on the pro circuit. He may have broken even if he did not count the labor invested. Best of luck, JimN
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