The June 2005 issue of MiniWorld has a breakdown of MPI performance gains per modification. The testing was done by Slark Race Engineering.
Base power - 61 hp flywheel, 74 lb/ft torque
1) Free flow filter (stock air cleaner housing) + 1 hp
2) Remove catalytic converter - +1 hp, +1 lb/ft
Catalytic converter was then refitted, as the +1 hp gain wasn't worth the trouble or the problems failing emissions testing.
3) uprated cylinder head + LCB manifold + exhaust = +9 hp over base, +5 lb/ft torque
4) 1.5:1 rockers = +1 hp
5) 52mm throttle body = +1 hp
6) fuel pressure regulator = +3 hp, +1 lb/ft
The final total being 75 hp and 80 ft/lb max. The head is the most important part, and then the MPi fuelling limitations come into play. The fuel pressure regulator helps increase fuelling, but it's a crude way to get more fuel into the engine to take advantage of the extra air flow. Going too far with it will kill fuel economy.
To get a substantial change, I would bite the bullet and go with an improved head. The rest of it might be good for 4-5 hp and I don't think it's worth the trouble, honestly. The improvement is better than the raw peak numbers because the powerband is broadened, which is just what a street-driven Mini can use (vs. a motor that you have to rev the life out of to get to the increased part of the power band.)
Perhaps someday someone will release a plug and play fuel injection controller for the MPi that will allow us to use bigger injectors and truly unlock increased power while keeping the broad torque band of the injection.
Dave