Hi,
The cheapest way would be to make your own prop hub, and gut the stock muffler and add two large outlets like I did. However, the answer is yes, CH Ignitions does make kits to convert them.
Here's a link:
http://www.ch-ignitions.com/newstuff.html
Note that the 33cc stuff works on the 40, and you don't need the carb adapter shown for the 46cc engine. It would be best to call Terry at CH with your needs. They now have a cheaper ignition system available too.
As far as the carb, I'm running one with a 13.5 mm venturi. Your stock one will probably work fine. The chain saw engines don't tend to be undercarbureted like the smaller string trimmer engines.
AV8TOR