1. Assuming your bike still has the stock c/v carb, there is little point in changing it for the sake of doing so IMHO. It can deliver 100 HP if needed, so is perfectly suited to a near stock bike.

2. As soon as we start changing cam there is a short-list of other stuff that is also worth upgrading, including air filter and ignition module. If you still have the stock airbox you will be surprised how well it works as a muffler and using an aftermarket backplate will improve the sound experience. The stock ignition has a compromised advance curve, which an aftermarket unit will put right. There are several popular and suitable cams, such as Andrews EV13 and EV27.

3. Mufflers are a personal thing and I despair at how much some members go on about them! If your Supertrapps have stacked baffles then play with them for a while - or replace the closed end plate for an open one. Costs little and should make you deaf in short time!

4. We're around in here most days....

 

The stock carb is a good one ,It is a CV 40
You can do some simple mods to it to make it accelerate a little faster,.
Overall you need nothing else until you stare 90 or more HP in the face.
Next-
Cams etc etc etc-
I will try to answer this and have some exp.
Everyone and anyone will recommend a cam they have worked with and that is probably the correct approach.
I am sure lots of cams will work.
I recommend DM variety as...that is what I am used to.
No matter what cam you chose, you have to think of the whole orchestra, not just a single player.
This becomes a slippery slope in a hurry!
The EVO subscribes to a lot of meat decked off the heads, ( 0.50 is EZ for virgin heads)
slightly OS valves (1.94) the DM 530 cam https://davemackie.com/cams.html
Thunder Headers .
Daytona TT ign
I could go on and on but-
Do this, - pick your end goal and work towards it rather than throwing parts at your bike
For a simple big mod with a lot of results -do this
deck heads
OS valves
Hipo springs
Daytona TT
DM 530 cam
Thunder headers,
you will be at 80 HP or better.
The engine will be just as reliable as it ever was.

The next round will be adding to this rather then a new orcrastra

 

 

My $0.02: On a '94, you should change out the inner cam bearing, no matter what else you do. You can either cut the stock pushrods, replace them with adjustables, and leave everything else alone... Or dive in to all the 'may as wells' while you're in there.

 

I have a '94 FXR... Don't race it... so, The CV carb is just fine with a K&N Air Cleaner, and some Jetting and Tuning, Opening the Aircleaner housing won't hurt either, or, if you like intake noise, go Screamin Eagle, or Some Such...I have changed cams twice now.. still have the Stock Pushrods..Nothing to it, as I wanted Upgraded Rocker Gaskets anyway!!! Started with an L cam, as they are plentiful, and inexpensive.. went EV 27... gonna go back to the L... for the way My Bike is set up... all it Needs and has great Manners.. Yes replace that cam bearing.. The Ignition is Fine... unless you are planning Competition... I do, as a rule place a Sportster Ignition module in my Big Twins, [Have been since the early '80's] drop in, available everywhere, inexpensive [I may be a COB]. Quicker advance curve, may be an RPM limit increase, keeps the VOES. If it Kicks back on staring, ya need something different.
Pipes... stock with free flowing Mufflers is what works... Should say anything but Drag Pipes... hell most Drag Racers are Not using Drag Pipes...
Stock with a hole punched into the guts, works, but, can sound Tinny... Otherwise RB or Thunderheader... or save yer Money.
Obviously I go the Frugal Route, and am Not Racing my street bike... it runs out just Fine.. For Me. Good Luck

 

What you are talking about is a stage I and Stage II upgrades which is all you should do unless you just want to spend a lot of money to get a large increase in motor power.
As mentioned a good ignition module is a nice thing which won't help a stock motor run any better but it will make starting much
easier.
I recommend the Dynatek 2000 p as it's the easiest to install if that's all you are doing.
All you have to do is unplug your stock module and plug in the Dynatek...that's it.

 

I for my part was not talkin Stage anything from HD bean counters.
They suck.
To the OP
If you really want to make that thing rock and roll , that is roll past most Twinks too PM me
I have a 2000 dollar formula maybe a fudge more.
The EVO will haul **** if configured correctly.

 

Not sure about the OP but I'm kinda curious what your $2k formula is.
Care to post it?

 

Ths is Not a Plan as I have done it, so I guess it is executed?
here is some of it-
Send heads to Axtell for rechamber shape.
Double plug them
Buy their 85 inch drop in cast iron kit
Set ring drag to no more the 12 lbs
Set the squish to 0.030
DM 530 cam
Hipo springs.
Daytona TT
OS valves with seats at top of margin
Carve intake guide bosses to a bow point.
Depending on guides you use feel free to shorten them up 0.250
Polish exhaust ports
Thunder header
and the AFR gauge !
Your bike will run GREAT , it will run cool, it will be reliable as long as you take extra extra care with the pinion nut so it does not come to lose. (BTDT)
I ended up tiging mine in two spots as now I don't trust the nontapered pinion shafts.