Something Paul (Bullet Whisperer) said earlier, "I would not go higher than 18t on a 500 Bullet, unless it was tuned to a pretty high level". I agree with this so don't get me wrong
The current Bullet has a 19-in wheel with a 17T but the current Classic has an 18-in rear with an 18T, as standard. Wheel diameter ratio is roughly (add tyres if you like) 18:19 which is approximately one cog, because you can't have half a cog.
My C5 is slightly tuned and I do find I want to 'change up' from 5th around 60 but, big but, I find its current top speed of somewhere north of 75 to be exciting enough. The only drawback is taking the bike on anything resembling a motorway. I do not want to degrade acceleration but it has such a wide power band I don't think it will notice an extra cog. First gear is low enough to pull from whatever speed I can hold it upright and I can practically track-stand it. It will pull away in 2nd but that one is possibly a little too high especially for hills or two-up. In other words it could take a higher ratio first gear, was this 'box designed for pulling a chair?
The alternative to changing the gearbox sprocket is fitting a bigger rear tyre, roughly half a cog. Has this been tried, with what result?
Otoh, bearing in mind that speedo and tacho (Smiths on mine) are a bit 'indication only', 65-70 is just over 3000rpm in top. The big power band is supposed to be 4000-5000 with 5500 red line. So why is it running out of steam below 4000?
Personally I need to understand this performance issue before even considering changing its gearing.