Yes, the Wayne et al heads would be a big improvement with a big price tag. You know the flathead will end up with aluminum heads.
It will only take a second mortgage.
As far as weight, removing the front bumper was definitely a period improvement and can easily be put back on. More radical items would be an aluminum radiator, aluminum intake, tube headers with short or no exhaust system, glass hood and or fenders, replace the side glass with Lexan and putting light weight narrow front wheels and tires on the front. Theoretically, every 100lbs removed will decrease et by a tenth. Another thing to check is to make sure the brake shoes are not dragging on the drums.
Best of luck!
