The problem with making this an overhead cam design is the crankshaft runs parallel to the valves. in order to turn the cam you would need a 90 degree conversion, like a bevel drive to turn the camshaft. the boss for the sparkplug hole looks very close to where the head bolt head would be, add that this is an aluminum casting and would need to have hardened washers under the head bolts and it looks like an interference issue to me.
The only reason i can see to change a flathead to an overhead valve (or overhead cam) would be for increased power/engine speed. In that case, it would need to be a much more rigid rocker or cam setup to deal with the stress if you are trying to beat the power and speed of a built flathead 5hp.
This is just my opinion, the casting looks like someone put a lot of time into it and maybe they have a vision I cannot see.
R