Yeah, there is a coating for the cylinder. Reduces friction. Less friction, more ponies, longer life.
You might want to upgrade the carb, but I would probably run it, break it in, maybe dyno, then swap carb and see what the dyno says.
Naturally, a stock muffler is not okay. If money is not a worry, the Supertrapp is a fine exhaust, but ugly. Ask the guys who are running that piston and cam what exhaust...

Ohhh, and clean up the exhaust port.

Slot the mounting holes for the ignition sensor in the left side cover. It is possible to advance the spark by about 3 degrees by moving the sensor oppsite the rotation of the flywheel. Every little bit counts.

I think I would wait on the spark advance change and try it later if you feel the need.  With the higher compression and more air/fuel provided by the new cam, I think the stock spark advance works fine.   When under full throttle I believe my bike (Wiseco 95mm, Stage 1 cam, ported head, Mikuni Roundslide, big foam filter, better exhaust) has all the spark advance that it can handle.

Most important , port the head , mainly exhaust port , get a mikuni vm36 carb , talk to Michael Eslick,  savage.s40@gmail.com
Great guy to deal with !

They are beautiful pistons seem a shame to hide them inside the engine , I went with the 97 mm = just under 695cc ! Can't wait to get it fired up !!!

Hmmm, never considered the cranking capacity with higher compression. Would the starter ever be considered a "weak link"? I assume, like everything else, we are limited to the stock starter.

With a good battery, the bike will start same as before.  If your battery is getting weak - it will most likely give you a few less starts before you have to replace it.  The compression release system gives the starter motor a chance to build up some inertia before the engine goes through a compression stroke - so there won't be a big changed in the load the starter motor sees.

And you don't have to do all the mods at once.  Doing the internal things is good....but the carb, timing and other thing can wait until later.  I did my 95mm Wiseco, Stage 1 cam, head porting and DYNA muffler first, and I rode it for a year like that (stock carb, stock paper filter, etc.).  It ran very nice after the jetting was done, and made a lot more power.  Later on I did the roundslide carb, Kawasaki Pulleys, foam air cleaner, better muffler.....and it made a bit more power.