I think if he can find an M20 (with a 2.52 first) he'll pick up a little off the line. Otherwise, yes, you have a good point. Heads and a cam at the least. What's the ratio of the HD 3 speed? Something like 1.78? The deeper first gear of an M20 will feel like an extra two points of compression, but the drop into second will cause him to bog, I think.