How much bang? And how much buck?
There is a lot you can do to free up lost horsepower in any engine. The basic operation of a four-stroke is: pull air and fuel into the cylinder, compress it, ignite it, and then expunge gasses. Only one of those strokes produces power, and the other three consume power. By consuming less power in the engine itself, you allow more of the existing power to be used by the wheels, which is where stuff like high-flow intake and exhaust really comes into play--allow air to be pulled in more easily, and exhaust to be expunged more easily, results in less power being wasted on the engine operation. Other mods like fuel injectors that atomize the fuel more, larger active spark (from coil, or bigger gap on the plugs) that ignites the fuel and air mixture more evenly, advanced timing that ignites the mixture a little sooner, etc, can also produce slight improvements in creation of power.
In the end there's no replacement for displacement. If you want to actually make noticeably more power, you need a bigger explosion on the one stroke that matters.