Since i dont know the stock gearing and chain that come in a viper I'm not sure whether or not you will need a shorter chain but possibly. I`ve always geared down all of my sleds. Stock gearing is genarally way too tall to begin with and could acheive speeds that either the engine cant reach or will take 2.5 miles to get to!
Gearing down gives the sled more ``pep``by making it easier for the engine to turn the track and IMO a great little upgrade!
As for freshening up the engine it is definately a job that can be done if your a little mechanically inclined and take your time... Make sure to put everything together to spec and i'm sure you'll be fine!