performance: exhaust, cam, high compression piston, I think you can get bigger valves and powroll sells a cam/valve and rocker kit. You also can bore it to 80 over to acheive a true 250cc's
as for the speed: possible a higher revving cdi box, a bigger tires, there isn't much you can do.
I listed in the most practicle to if you want to waste money. Basically that bike is good for beginner riders, any money besides for a exhaust, nerf bars, better tires and can't forget better suspension is a huge waste of money. That bike was designed for a beginner rider, not to be modded very much, and has very limitied modification that can be done. In the speed department the only mods you can do are a higher revving box and bigger tires, as it has a shaft drive.
Instead of modifing the bike, sell it and buy a 400ex.
85/86 atc 250r, very modded, lrd 310pv, +1 lsr, shortrack kit, cr250r igntion, 39 pwk, paul turner hi-rev pipe, propeg nerf bars, HREATV custom frame,
86 atc200x- 84 250r exteneded axle, supertrapp pipe, 27mm carb, works rear shock, 84 250r front end(rebuilt w/ terry kit), 350x tripples, ported head, 12:1 piston, webcam,
crf450r quad, lsr frame, swinger, antifade, hyper beadlocks and the best of everything else.
88 trx 250r pced and reinforced frame, +3+0 t-pin, 310pv, cr ignition, 39 pwk, lsr rear end, elka shocks, aftermarket radiator, lrd pipe
06 ktm450exc, full skid plate/guards, radiator fan, clarke tank, dual sport kit, reg/ins/insp, steering stabilzer
98 200exc: street plated, skid/guards, dual sport lights, stabilizer and more.
07 ktm 250xc, skids, reg/ins, dampener, good lights
2011 atc450r in the works, suspension and details need to be worked out