Generally there is a max limit on the fueling. The O2 sensor reads lean or rich and adjusts but usually has a maximum it won't go past, figuring if you're running that rich something is wrong. Just how EFI is usually set up.
That said, I'd guess you can do an exhaust, RE already sells aftermarket exhausts. There was one installed by Scooter Bob on the C5 that was reviewed recently and posted here.
Someone here was going to try a cone K&N type filter on his C5. The major concern is that the MAP sensor needs good clean laminar airflow to work well. Short little cone air cleaners tend to be turbulent even though they let more air in. They are also prone to create even more if the bike gets hit with a sharp cross wind. I think even if you do have problems there is enough space to fit a short piece of tubing between tje TB and air cleaner, a plenum. That can smooth out the airflow a lot. You could also add internal vanes to help.
I'd say try the exhaust first, then if that works try the intake. They only cost about $40-50 max so if it doesn't work out you won't be out too much cash and can probably sell it on e-bay.
Scott