Chuck -
I'm sure Vince, HRAB, RE1, et.al., may weigh in on this one, but if your Bullet is still under warranty, I'd discuss the mods you want to do with your dealer to make sure they'll still cover you in case of "misadventure". My folks were OK with me doing a muffler/carb re-jet (though they preferred I have them do it), but said if I started in with electronic ignition, carb changes, rockers, 535 kit, lapped head, etc., we might have "issues"... I ended up leaving the mechanicals bone-stock during my warranty year... did a by-the-book run-in and got a little over 3,000 miles on the clock. I had cosmetic things to change and plenty of regular maintenance stuff to fix/learn/fuss with, so I just collected the bits I wanted to add during the year. Now that it's snow-time, I've got projects lined front wheel to rear wheel to see me through till spring.
As it turns out, I've decided that I'm probably gonna keep the motor stock except for muffler/carb/PAV removal. I like the look of the stock airbox... haven't decided yet if I'll do the "K&N-in-a-box" mod.
I had a two-page list of mechanical mods I though I needed to do before my bike even arrived. Now that we've had 16 months and 5,300 miles together, stock seems to be just fine...
Mike and Stumpy in Michigan