If you buy new, and have it set up by a pro, breathing mods are horrendously expensive for the return you get on the SV... Talking £100 per horsepower, realistically. Though there are other benefits. Don't use a K&N, get a BMC Race RS (unless you live somwhere dusty)- very little benefit to be gained from a K&N on a curvy SV. I did it seriously on the cheap- used exhaust, Ebay jet kit, Race RS filter and individual jets from PDQ to cover the inadequacy of the Stage 1&3 DJ kit- cost me about £300 all in, and I've done the work myself. But that's a fair bit of hassle and ultimately, you don't know it's right without a dyno run.
If you do go down that route, it's worth checking out JHS Racing's Stage 2 dyno kit, expensive but I'd say worth it for the savings you'll make in labour (yours or someone elses). Includes the hard-to-find Race RS filter, and a jet kit modified to work perfectly with it. I'm no fan of the shop but the kit's a good buy. Alternatively, the Factory Pro Stage 2 kit is much the same deal.
I'd say cams are a far, far better buy than a full system. More invasive, for the inexperiencd mechanic, but not terribly hard to do- but you get similiar results for a fraction of the price, and no set-up work either. I fitted K3> intake cams, and moved my old intake cas to the exhaust side- very nice mod, and £200 all in. (or you could have my spare carbed model intake cams for £50, not as good a mod, but cheaper.
Gearing's a good place to start too- a typical standard SVS won't top out in top gear, so there's nothing to be lost by lowering the gearing for better acceleration. I went up one tooth on the rear sprocket last time, I'll go up another next time.
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