I know a bit about these. Do you know if it is a restricted model or not? A restricted model will have very mild porting and the expansion chamber will usually be bypassed with an internal solid header pipe. You can easily remedy these, and the expension chamber is worth doing because it is actually quite a good unit.
The carburettor is (if I recall correctly) a 14mm unit - you could upsize this to around an 18mm unit for a bit more topend gain, or even just bore it out. To do this you will need to see what the diameter of the slide is, and bore the carburettor to about 1~1.5mm less than that... or the slide will not function correctly. I believe 17mm is possible. You will most likely also need to upgrade the mainjet to one or two sizes over as soon as you do this - plug chops will tell you if you're close. After mainjet is correct, see if raising the needle height one notch helps.
You can advance the timing (if not ECU controlled) by opening the points gap. I imagine it would be running around a 1.8~2mm gap at TDC, and you could open this out to maybe 2.25~2.5mm at the maximum. Try in 0.1mm stages once past 2mm. This will give you more power up top but at the expense of lower rpm running.... which, lets face it, there is bugger all of to start with.
The compression ratio can be raised by machining the head. I would recommend 0.5~1mm off the head to start with, and check that you will not run into problems with the piston contacting either the head itself or the sparkplug. A more finite way of tuning is to get a squish band of around 0.8mm~1.0mm - this will provide optimum characteristics for most small stroker engines. The squish band is the shallow part around the outside of the head, and the clearance to that when the piston is at TDC is what you measure. Stock it will most likely be something around 1.2~1.8mm - possibly more.
With porting, try taking a half millimeter off the top of the exhaust port. This will allow a greater pressurised charge to enter via the exhaust port, giving you a boost in topend power when the engine is 'on the pipe'. I would not go further with this or you may risk holing a piston... especially if you don't check the jetting afterwards.
If you get all that reaosnably simple stuff done you might be surprised at the results. The character of the engine will change as well, becoming a fair bit more topend oriented than stock. Any more questions feel free to ask.
Cheers - boingk
EDIT: Here you go! Because these are restricted by law in the UK for 16 year old's (or used to be) there is some tuning info floating about if you know where to look. A few choice keywords into google picked up this little gem:
http://www.mb5.co.uk/14.html
Enjoy!