Get the cylinders ported,more compression(either shave the stock head or go with a aftermarket head),Bigger carbs will help but not absolutely necessary,timing plate to advance the timing,and having the crank welded would be a good idea.You'll be surprised how much faster it will be.
Unless you're just drag racing,I'd keep it on gas.Alky bikes really put the fuel away.They go through fuel twice as fast as gas burners.No joke.