Oh yeah!
Yank that bad boy apart, put a billet rod and a Comp 94-SS cam in it with a billet flywheel. Take the governor out when you have it apart. It will run really good then! My T100 (WIDE rear tire) with similar parts would spin the rear tire just a bit over idle...on cement!
If your motor is stock, the governor limits the engine speed at approx 3600 RPM. If ya want more, invest in some good parts!