There are a few known good mods to the 701, whether they came by way of the Savannah or by 701 builders.
Find a guy named John Bolding in Texas. He has the info on the Heintz-approved wing extension. That will increase area and aspect ratio. This will make a noticeable difference.
Put in the X-brace and other stiffeners in the fuselage skins. Oil-canning was an enormous distraction on my one ride in a 701. Same with the half-ribs or rib stiffeners in the wing. These can all be very light, .016 thick metal, and I am very convinced they are worth the few ounces.
Pegazair makes a moveable slat upgrade for the 701. It is definitely extra work, but it probably is worthwhile in drag reduction (for fuel use, not speed).
Get rid of the stock flap control arrangement, it is awkward and you have no leverage. If you like electric flaps then there is a well-known bolt-in upgrade. If you want manual flaps then design a simpler overhead Johnson Bar lever like the latest Cub Crafters and British Auster use.
As much as I hate to say this, leave the nosewheel on the 701. Converting it to tailwheel is a big project you don't need right now. They do pretty well as-is, even though I would want a taildragger myself.
Get the bubble doors.
Weight is critical on these airplanes for the most part. If you can live with it, leave it unpainted and put on some vinyl graphics or something. Minimum interior too... Krylon or Zolatone instead of upholstery IMHO.
For goodness sakes, FORGET about the $10K avionics nonsense. A hand-held GPS or iPad style
gadget on a kneeboard will give you as much capability as a G-1000.
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