Yes, you can improve your 450 twin. If you remove the air filter, you will have challenges in getting the carbs right. I like EX-500 CV carbs with a little rework to fit the Honda head. Web Cam used to do reqrind cams for those motors. Keep the duration fairly short with more than stock lift. There isn't much you can do with the cylinder head. Get rid of the flashing in the ports and do a good valve job. The head won't flow a lot of air, nor can it be improved much. The pistons can be replaced with other brand factory pistons that use the same pin size. More compression than stock helps up to around 10.5:1 for the street and pump premium. You can sleeve and bore the block up to 84mm. That's the biggest change that will affect the bike. The flywheel on the end of the crank can be turned to lighten it. There's a couple of pounds off of the rotating mass that improves throttle response. MSD makes a box for a single that works very well for the lost spark twins. You can set up your own timing advance curve with it.
I've known of Suzuki/Kawasaki stock pistons with heat barrier coatings finding their way into a few Honda twins. If you want more performance than that listed above, I'll be happy to spend your money on more radical stuff. A friend has a Cb450A at 84 mm bore, stock stroke, 34mm CV carbs, and a few tweaks that has gone 13.499@96 mph in the quarter mile. For the street, bigger strokes, and better breathing cylinder heads would be ideal. Unfortunately, neither one is affordable. I've gotten around the cylinder head limitations, but it wasn't cheap! Hope that this helps!
Jon Weeks