well from what i know, alcohol gives anywhere from 12-18% increase in performance. add another 10 to 15 horsepower shot of nitrous and i think it can deffinately get 60 if not up to around 65 maybe more but i havent done this before but will have excellent help we will see
Alky only gives you around 3hp more to the wheels on a dyno. Trust me, I tried it on my 370 after it was built. I got just as much hp from oxygenated race fuel, and didn't need to worry about purging, changing plugs after every purge, etc, etc with alky. Alky is much much harder on the bottom end than race fuel, as well as everything else so purging must be done if the bike is going to sit for any more than 1 day without the engine running. Not to mention, many do not spray nitrous with alky, you will need a nos controller when you spray so that you spray with gas or an have aux tank. Main reason (I guess) has something to do with the flash point of alky does not accomodate NOS, and something with the timing. If you are dead set on spraying, make sure you have a high compression ratio, like 13:1 or 14:1 becuase NOS likes compression.
As far as a cylinder, sure you can make 60 HP out a a stock cylinder, but even then you are pushing it. The stock cylinder can only be pushed so far before failure, and anything over 60 HP is a disaster waiting to happen, IMO especially if you are spraying. Watch how big you go on the bore because they leak. I have seen (and run against) some awful fast triple exhaust port OEM R's in the past. You might want to look into that. I would definately run a cool head, or at least get your stock head O-ringed.
As far as reeds, I have never seen anyone using Duncan/Pyramid anything for drag racing, and I think there is a reason for that. I would run either a V-Force CR250 style reed w/ a 3/8" spacer or ESR billet reeds with the spacer block. You will have to experiement with the reed spacers and see if they work for you. Some like them and some don't. Personally, I have always run one.
As far as an ignition, If you are serious about drag racing, then buy a CR 250 ignition from someone like ESR. Especially if you are going to be running alky. Some like PVL ignitions for alky, but they are not as user friendly or "plug and play" like an ESR. With the ESR CR250, just bolt-on and go. A lot of people have had problems with PVL's on R's.
As far as a drag pipe, You have a number of options. If you are going to stay with a stock cylinder, I wouldn't waste your time with an ESR TRX-11 or FTZ fat inframe, they will be too big for your set-up. I would either run a Sparks TT, ESR TRX-5, or maybe get a Shearer out-of-frame made for your motor. FTZ out-of-frames are ok, but wouldn't be my first choice if I were you.
What are you looking to get for times in 300 ft, just out of curiousity?