Firstly, I'd say to try to remember it's a 172. Silly to say, but time and time again, folks seem to miss this simple fact. This forum alone is fraught with the bones of dreamers asking questions on how to make their thing into the other thing. (this includes me.) No one can sit with the fact that their thing is just their thing... If you want the other thing, you have to BUY the other thing.
I'd say enjoy the 172 for what it is... a 172.
To answer your question: Big HP conversions on 170s have gotten so stupidly expensive… at the end of the day, the cost pushes an owner so far upside down one would have to be insane to go down that route. (172s even worse)
With a sold C170B fetching $100k, and the big motor/prop/install damn near $125k, the smart move is obviously the C180.
That said, and for your 172, Chris and I at Airworx got the approval for the high HP O-300. My test bed motor dyno’d at 174hp, which is impressive. It’s lighter, smoother, and needs NO “kit!” Same everything… and no STC to buy.
Yes folks have been doing this kinda thing for years, but this is the "legal" route. Best part… it’s only a couple of bucks more than a regular O-300 overhaul.
This is (IMHO) the way to go.
Bird will be slightly slower than with the Lyc, no C/S prop, but MUCH lighter and will give you like $75k in gas money. Oh… and at the end of your time with the bird, you will actually sell it for more than you have into it.
Call Airworx in AL for deets.