And don't bother with porting it. You won't see much of a gain. I did that once and it just didn't seem to do much.
Shaving a tiny bit off of the flywheel key for a tiny bit of advance will help a little. Take about .010-.015" off of the key and make sure you put it in properly (advance, not retard)
Only if you want. These run good as they are. Mac knew what they were doing... good reason they were around for so long.
But like Al said, watch the piston size... they had "A", "B", and "C" pistons. Different part numbers for the pistons. I recall that the top fin of the cylinder also has either "A", "B" (or nothing), or "C" stamped on it. "B" is the most common... if the top fin of the cylinder is blank, you can be fairly sure it's a "B" cylinder.