My 1500 racer has about 80 HP, based mostly on track times to comparable cars that have been dynoed.
Facory HP is about 60 with just under 50 at the rear wheels.
To get that I have matched ports, a 2" single race carb and much-modified manifold, header, "Euro spec" cam, 10.25:1 pistons, three-angle valve job, 32 degrees of total ignition advance and a slightly lightened flywheel. The engine requires 100 octane race gas ($6.80/gal). I change rod bearings and thrust washers every 25 hours or so, to keep the bottom-end safe. I use a shift light to keep things below 6000 RPM.
I could get more HP out of this engine, but it would take much more money than I can spare and more maintenance than I have time for.
The 1500 engines have weak, 3-main cranks. In my opinion, you'd need a true race crank ($$$!) plus race rods and pistons to run 100 HP engine. Everything would need to be fully balanced. Also, probably twin HS4s on a Euro twin-carb manifold with race cam. And probably 12:1 compression minimum. Do not plan on running street gas.
Overall, to get 100 HP from one of these would cost at least $6000 in parts and work, I'd guess. And the engine would be a fussy, unpleasant engine for street car.
And a 100 HP engine would fry the stock axles in short order....race axles are about $700/pair.
You can actually get more HP (close to 130 I'd say), but the engine becomes a grenade if everything isn't *perfect*.
Honestly, here's what I'd do:
Put a header and twin-carb HS2 manifold on the engine (this is the European 1500 Midget/Spitfire manifold...came on some Canadian cars too). You can find these manifolds on e-Bay. Add a flow-thru muiffler (this won't really add much HP, but they sound cool). Be sure the engine is properly set up: correct ignition timing, correct valve adjustment, new plugs, air filters, fuel filters, etc. I like to set the total ignition timing at 32 degreees before TDC at 5000 RPM and do not worry about timing at idle speed. I'd run 93 octane (RON) if you set the timing this way.
Then just enjoy the car as is and don't worry about total HP. For my money, it's more fun to deal with a nice, strong stock engine than a cranky, fussy race engine on the street.
The stock 1500 engine is nicely balanced for a street Midget.
And if you have not done so, check the thrust washers. You can get a good idea of their condition by moving the crank fore/aft with a dial indicator in place. Should not be more than about 0.015" of movement. Frankly, if the engine has more than 40,000 miles on it, I'd just drop the oil pan, swap out the thrust washers, "mike" the crank and replace the rod-bearings (with same size) while your at it. This will extend engine life a lot. Sloppy thrust washers are murder on the bottom end of these cars.
Someone here may advise fitting a supercharger (or turbo) , but I think they're a bad idea on the 1500s due to the weak crank.
If you *really* want to build a strong, high-HP engine that'll stay together, build up an older 1275 cc engine (and ribcage trans) for your car.
OK, that my two-cents.
G'luck whatever you decide!