I think an upgrade to the 1.0 litre WagonR engine is possible as the alto was having this version.
I think changing the brake components is better than changing the whole structure as it is more complicated.
Please do not try to mark your engine capablities by the max speed. This will hurt your engine a lot and will do more bad than good. However if you have a tacho, ensure that the engine does not cross the redline frequently. Just my two cents regarding this.
A better option is to replace the existing engine parts with better branded ones as this is an easier job. I you are keen on your mods, get it done by a good tuner.
BTW how about a turbo? may sound stupid for some!!!!
Where there is a wheel, there is a way!
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