As with most engines... freeing up the intake and exhaust... along with proper carb jetting will net a small power increase. Significant? Hard to say... but usually noticeable. I suspect the same would be true in your case.
Don't forget about fueling (jetting, A/F mixtures). Sounds like these engines tend to be lean already from the factory... so freeing up intake or exhaust without adding more fuel would only make that worse.
Cheers!
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