Took a while to get to sleep last night over thinking about this exciting topic. There's a lot that can be said about this, but I'll start by saying this:
I think that the factory Savage top gear is too short. It does not increase top speed appreciably, and may even be counter-productive.
Take a look at this:
http://www.royalenfields.com/2009/02/new-royal-enfield-adds-performance.html

Now, that little 500 thumper can come mighty close in performance to our 650, but it's top gear is substantially higher. It's power/torque curves are a little different, but they are similar overall. At 6500, it is rated around 108 mph. Not sayin' it'll do that. Just showing that it's taller geared than ours. (97.3 mph at same rpm.) (Check Gearing Commander). From what I've seen in videos, the Enfield can reach 140-145 kph (86-90 mph). This is pretty close to our top speed.
It has been suggested on this forum that because the stock bike can't reach redline, there is not much (or anything) to be gained from increasing gearing. This is close to the truth, but may not be exactly the case in my opinion.
Supposedly, stock, our bike reaches 80.8 mph at it's power peak of 5400 rpm. Funny thing is, from what I gather, our Savage can generally do quite a bit better than 81 mph.

. By the time it's crossed the 85 mark, she's doing about 5700. By the time 90 comes-- if you can squeeze that out of a stocker-- she is doing over 6k. For such a long stroke, that's too much.

If you guys have an accurate way of measuring both ground speed and engine speed, and, under varying conditions, you are able to regularly even approach 6k in top gear, much less redline, on a stock engine (no hot cam or anything), you are geared shorter than
necessary, perhaps even too short. While top speed might not increase much, it's not likely to decrease much either from increasing the gearing.
I don't care if you push 10,000 rpms out of that poor thing, it's not going to help the top speed. The power curve, with stock settings, is done by about 5800. Doing 6k on a stock engine is generally counterproductive, especially with our weird gearing.
As long as you can reliably reach, maintain, and not exceed the plateau range of the horsepower curve, he theoretical top speed attainable for those instantaneous conditions will neither increase nor decrease appreciably due to any change in gearing.Furthermore, as long as you are able to reliably reach and maintain the plateau (mid 5k range) under a reasonable range of load/road conditions (light headwind/grade/extra weight), there is not much reason top-end-wise, to be any lower in gearing.
Someone talked about the 140/90-15 tire decreasing top speed. I wonder if he was considering actual top speed or
indicated top speed, as indicated speed
would decrease. Acutual speed shouldn't decrease substantially, assuming tire friction is the same.
I would take a guess that even the 17/43 chain conversion would not decrease actual top speed
much in top gear-- maybe by only a few mph??? At 5k, it would be doing 87.5 mph. 5k is not far from the peak, but it is a little low. In 4th, however, the top speed ought to be reachable on level ground.
As far as wear is concerned, wouldn't engine stresses be worse due to engine speed compared to the stresses of engine load? I'd think so.
Of course, this conversation doesn't mean much if you never get the bike past 45 mph.

Here's power/torque curves for the Savage that various members have posted. Many of them have mild mods like muffler, air, and carb tuning.
http://suzukisavage.com/cgi-bin/YaBB.pl?num=1185590369
http://suzukisavage.com/cgi-bin/YaBB.pl?num=1243819864

Any comments?