Only problem with this is, that you might experience slightly faster wear on your guides. But one doesn't really expect a "racing" engine to last for ever though, so it's probably ok to do.
For turbo applications at least, I wouldn't enlarge the exhaust ports to much. Larger ports means less velocity in the gasses, which means slower spool up on the turbine and greater lag... None of which are desirable properties for a turbo application.
This is also why I sometimes frown on turbo manifolds that use excessively large runners. It looks mean as, but it serves no real useful purpose...
I'm no turbo expert, but one learns a lot by listening to what others, that do have the experience, say. Reading also helps, as do this site...