I only replace the O rings if they've flattened. The cam chain one is expensive. I also check the stretch on the head bolts but I only change them if they've stretched a lot. So far all that has worked for me but I'm running standard roller cam and compression. I had a race cam in but it was down everywhere except the top end. If my bike was running the same piston as Grouty's I'd do as he does re the head bolts at least.
Funny thing about the exhaust. I have two exhausts both Kawasaki. One is bigger diameter. I assumed this would be better, but an engineer friend who designs and builds exhausts to boost power on microlights said that, given the size of the exhaust port and valve, the engine actually needed a narrow diameter pipe to improve torque, and narrower than the smaller one too. The Honda two valvers all seem to run very narrow diameter pipes and they generally make better power than the KLX. Looking at Grouty's non standard exhaust that looks on the narrow side.