Hi Gray Fox,
I've had the 'Full Monty' done to my '54 plate Genesis 1.
I too have a road legal Beowulf tri oval can.
Mike (falcon269 on these forums) is the recognised expert on the set up here and is highly recommended.
He did mine last year and many others on here too.
You don't need a race system, full or part.
There is an airbox mod included, besides the carb alterations/settings and the intake rubbers are reprofiled.
I didn't have the bike dynoed prior to the kit, but shortly after it gave just over 135bhp at the rear wheel (baffle in the pipe) and it's averageing 48mpg with a best of 55mpg.
The economy is a bonus with this bike, but the kick out of corners is now something else.
Go for it!