The dallara engines are a bit misleading. Early cars used the 1300 but later cars were using a bigger engine with a custom built 16v head.
They had big reliability problems too - if you look at the history of the cars you will find that they didn't actually finish many races but then again this was GT racing and the races were much longer and it wasn't always the engine that failed.
If you ever get to look at how the cars were screwed together you will find that in some cases it is something of a miracle that the cars even got through qualifying and practice!
Now - my post from earlier that the site wouldn't accept because something broke:
The most you can reasonably get from the 1300 is around the 170bhp mark, for the 1500 the figure is around the 190bhp. I'm not saying these are absolute final figures as they are based on fairly old fuelling systems but they were proven reliable.
With modern management and fuel injection I'm pretty sure you could improve upon the "classic" setup which relied on mechanical fuel injection. Peak figures may be similar but overall performance is likely to be increased.
In terms of modifications the list is fairly lengthy. The head is a full on race job - chambers matched, 3 angle valve seats, enlarged inlet valve (maybe even reducing the size of the exhaust), relieved valve guides, ports enlarged and reprofiled, light valves, etc. The camshaft is likely to be a very aggressive profile with high duration, lift and overlap. The block will be overbored, destressed, lightweight balanced pistons and conrods, compression ratio raised to around 14:1 (racefuel only), crank lightened balanced and likely reshaped while the oil supply would be a dry sump arrangement with two or three scavenger pumps.
If you were to go down a more complex (and expensive route) there have been custom 16v heads built in the past that pushed the "maximum" figure upwards.
There have been stroker kits that took the 1500 engine up beyond 1600cc and while this only produces a moderate increase in peak power the gain in torque is more than worth the effort.
Ultimately though there are limits on what the block can handle, by modern standards it isn't that stiff and once the limits are exceeded all sorts of nasty things can happen. The block design itself was revised for the later punto gt's to increase the strength and this actually provides an extra benefit with oil sprays to the back of the pistons.