It all depends on the block. If the 2hp was a Kool-Bore (aluminum bore) and the 3hp is also a Kool-Bore, shouldn't be an issue. However, if the 3hp is steel sleeved, then you'll need the correct piston for a sleeved bore engine. You are losing 1hp, so there will be a loss which can be made up by sacrificing speed and using lower gearing (mini bike, I presume?).
As to Dave's note, I just ordered a Tecumseh stator from the UK through eBay and the shipping/fees were quite reasonable. Might be a tad more going the other way.