Yes, the standard exhaust must go..You'll need to re-jet the carburetor so it fuels properly, but a new exhaust system will definitely increase power as the original has very likely a limiter in it. For some two-stroke motorcycles you can get thinner cylinder-head gaskets, which will increase the compression ratio of the engine and help to get better performance.
What bike are you going to race?
I would like advice from everybody on how to get more out of my 150cc two-stroke, I'm going to start doing drag racing on it and wanted to see if I could get it to do more than 145 kph. I guess changing the exhaust (it's still standard) will be my best bet?