Off the top of my head intake and exaust porting would be the only work that you could ID without opening up the engine (and even they require removal of the carbs and exhaust.
Upgraded cam, bigger valves, new pistons etc just aren't externally obvious. There is also the question of carb jetting too.
Drag friendly mods are not necessarily street friendly.
Cycleranger is right though, $300 for a complete and running bike is a good price. I would start with the carbs. Major jetting changes could indicate a hotter cam and/or higher compression.