People forget that HP is not real. You can not measure HP. You have to calculate it from what you can measure - RPM and torque. It was invented by James Watt as a way to compare different engines but it has it weaknesses as a comparison tool. A Ferrari engine making 500 HP at 9,000 rpm is very different from a boat engine making 500 hp at 1000 rpm. These Tractors are about torque or the ability to maintain a given RPM under load.
You can increase the RPM easily enough, but as Sonny said at a cost, but you can not do much with the torque without re engineering the engine.
The best way to get more HP out of the smaller IH tractors is to make sure they are in good tune with quality ignition parts and have a clean fuel system.