Definitely need a cowling for the rules, has to be a standard engine. I've found that losing around 10kg got us from 67.83mph to 70.10mph, which is pretty good going. So a few kilos more removed from the engine would certainly help.
Not tried a run with the cowling off, I'm running the standard airbox anyway, without it I'm sure you'd get more power, forcing air down the carbs!
Engine is blueprinted
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