Okay,first we need to understand that "zero miles" doesn't mean that certain parts don't need to be replaced for adding performance to the machine. They were borderline insufficient for the stock machine when they were put in at the factory. So, if we need to up the performance of the machine to do higher cruising speeds, then these things also must be uprated, or unreliability will occur.
Unfortunately, the weakest points in the Bullet engine are in the bottom end of the engine, where a full tear-down is needed to get at them. But, this is the reality of it. The connecting rod, the big end bearing, and the main bearings all need to be replaced with better parts, and the crankshaft re-assembled and trued properly. This is the very first step to getting the engine able to withstand even a little more power. There are various places that offer this service, ourselves included, and our hosts, and it will generally cost between $900-$1200 for the crank rebuilt with steel Carrillo rod and Alpha bearing, and a set of good main bearings, anywhere you go. That's the start.
Then, we have a bottom end built that can take whatever level of power we want to dish out. We add the alloy barrel to assist cooling, as you previously mentioned. The standard stock piston is no good. If you really do have a 535, it may have a better piston, or it may not. I would like to see a photo of that piston you have, so it can be determined what one it is. In most cases, they are not very good, when coming from India. But, we'll see. The piston is a very important item in these engines, because the weight of it, and the ability of it to resist seizing are critical to engine reliability, and the piston is one of the most vulnerable parts in this engine. When you decide whether to use your existing piston, or get another one, the choice will be made about how much compression that your engine is going to make. This will have a lot to do with the performance, and what other parts will be suitable for the build.
Then we come to the cylinder head, and induction and exhaust systems. This is where power is made. There are a variety of ways to go with heads, carbs, exhausts, and cams. Too complicated to get into in this post, but it can get costly, or it can be relatively affordable, depending on what you want out of it. If you want to increase your cruising speeds, you will need to do some of this, because you will need to produce enough power to overcome the wind drag at the higher road speeds, and wind drag increases as an exponential function of the speed, so it creates quite an additional load on the engine. The problem is not so much getting bursts of speed for passing, but for the long term cruising speeds where heat can build up. We aim to improve the efficiency so that more heat from the fuel is used to make power, and less heat is wasted into the castings where it can build up and cause overheating.
We have made dozens of Bullets which are capable of cruising speeds as high as 80mph, and top speeds over 100mph. So, we know what it takes to do it. And we know how to get a significant improvement at somewhat reduced budget costs, as long as you realize that cutting corners may/will have a reliability reduction or performance reduction, or both.
You may contact me by PM or email if you would like further details and costs that we might suggest for your desired budget.