Blackbronc, this is not a Briggs & Stratton and this is not a race engine.
Yes, you can get over 100% VE at a specific RPM by carefully tuning the entire system to create a standing wave. Which is a physical effect (it really makes me wonder what you think isn't), closely related to waveguides. You don't do this by porting alone. You port when it's needed to optimize the system as a whole -- and you WILL need a camshaft to do this correctly. You also need to get the redline up or you're going to optimize your engine for an RPM you can't reach.
And porting so that it makes a difference is an aggressive operation. You CAN port a manifold and lose a lot of power -- bigger is not always better. And of course you weaken the castings whenever you do anything significant.
BSFC is affected very weakly by VE. It's quite hard to beat that 0.5 lb/hr/HP by very much. You make power BY BURNING FUEL. If you have a cheap POS B&S that runs at 1.5 lb/hr/HP, sure you can triple it if you know what you're doing. But just saying it can be tripled in isolation is a meaningless statement.
Oh, and if you believe dyno tests, it's physics that says you can relate the output of a generator to the engine output power (you did know that some dynamometers are generators, right?). Or if you believe gauges (including those used on water dynamometers), most of them work on magnetic principles. Ooh, physics again.