I am kind of in TwoTired's camp on this one. From my accident investigator schools back in the day, the maximum/optimum braking point is one just shy of where the tire locks and starts skidding. The skid is actually creating small pieces of rubber "bearings" that get between the tire and surface of road, thus decreasing the coefficient of friction which increases stopping distance. So if your brake system can get you easily to the point of locking the wheel, you have more than enough brake for the job.
An ideal brake system is the ABS system which attempts to keep you at that point as the max. If you are putting an ABS system on your bike, I can agree that would be an improvement. I did notice a better braking feel when I got my first bike with a front disc after riding drum braked bikes. However, subsequent bikes with dual front discs just didn't feel that much better. My "other" bike right now is a Harley Ultra Classic with the dual front discs and really can't say that it is any better than my old F1 at stopping.
On my recent 2700 + mile 2014 relay ride, I had occasion to "panic brake" three times, where I momentarily locked both front and rear brakes. Twice I had oncoming cars veer into my lane to pass a slower car with total disregard to me or the traffic behind me. We all ended up on the shoulder to avoid colliding with those idiots. This happened in northern AZ and northern TX. The third occasion was in north Denver, early Sunday morning with light to medium traffic. Right hand lane traffic was suddenly tooling along at about 1mph!! Turns out a car was broke down and the poor guy was pushing it along in the travel lane as there was no shoulder to pull off on due to construction. As traffic stacked up behind him, the rear most cars were idling along with their foot off the brake waiting for a chance to pass. Kind of a surprise to run up onto a car at 70mph that was virtually stopped in your lane!!
At any rate, my old '76 F1 with single front and rear disc was fully capable of stopping/slowing me in time. This bike wears a Vetter faring with lowers that had gear stowed in the compartments. It also wears large, hard saddlebags that were jammed with gear. It was topped off with a big duffle bag. Add to this my 240lbs and this bike is heavy! Sure, I have to pull the front brake lever a little bit harder than when running light, but I think we are only talking about ounces here. It is not noticeable at all when your life is passing before your eyes in an emergency situation!
I think the arguements for the dual disc set up are valid for a racing situation with the hard, excessive braking, as are drilling the discs. I doubt that one can (legally) regularly get into a situation where the two front discs would really benefit these old bikes in 99.9% of our riding. If you are doing it to make your bike look like a racer, go for it. If you drive your bike like it is a racer (like one of my buddies does! He has ABS though, new Honda) go for it. I just don't think there is a vast advantage to duals on our bikes.
Of course I may be totally wrong with my thinking.........