As a current owner of a CR-500 and a previous KX-500 owner, the CR (which has no power valve) has great bottom-end and mid-range power, but no real top-end. The KX (which does have a power valve) has good bottom-end and mid-range, and still pulls on top-end.
The best way to convert either one would probably be to re-lace the stock hubs with the 17" rims and spokes.
I know that you'd also benefit from lowering the suspension and getting it re-valved/ re-sprung.
As far as pipes/ jetting, you'd want a top-end specific pipe and make sure to start on the "rich" end of the jetting so you don't burn a piston. Also, 2-strokes don't like to be held wide open in a "fixed throttle" state, so you can't just "pin it" down a straight. You'd have to teach yourself to have the throttle mostly open, but still "feather" the throttle open and closed slightly.
Another point would be that since 4-strokes have so much compression braking when you chop the throttle shut, you need the slipper clutch to help keep the transmission alive. On 2-strokes, there isn't nearly as much compression braking, so while you'd be okay without the slipper clutch, the oversize braking kit would be mandatory! You have to slow those monsters down somehow otherwise you'd run right off the track and :banghead: