Yep, have/had a few.
I used to race offshore endurance a few years back. HAd a blast.
Anyway, the best mod you can do for the money, I think, is a custom impellar and intake grate. Check out Impros on the web and see if they have something that you are interested in.
I stayed away from modfiications on the motor for reliabilty reasons. Most of the guys I knew that had tweeked thier motors were always tuning or working on them to get them to run right. Lot's of power, but a lot of effort to get them working right.
The biggest improvement I made was the impeller. I had then change the pitch so I could hook up out of the hole. I didn't care to much about top end speed because 80% of your riding is at speeds below 40. It's how fast you get there that makes it fun. Made jumping wave a lot of fun too.
Good luck.
Rob