While I would certainly note the fact that people used to fly fairly good-sized airplanes with the OS-35s back in the day, now, I would definitely only consider the low end of the old range, maybe 450-500 square inches at the very most, and with as much weight saving as you can manage. You are in a real uphill climb up against AeroTigers, PA40UL, Magnum 36s, and even 25LAs.
A stock engine is not any stronger than a Fox, and it's substantially less durable - meaning if you try to improve the performance with Vitamin N, you are going pound out the connecting rod in 200 flights instead of Keith's 500. I vaguely recall that there was another engine from another manufacturer with a connecting rod that fits the 35S and is very durable - I want to say an STC35 - but for goodness sake don't stake any money on it. RPM used to make a replacement, as well.
Note that most of the good results back in the good old days were with the Big Art 35S, not a stocker.
To be honest with you, all things considered, I think I would rather have a Fox than a stock 35s - same or better power stock, same fuel requirements, greater tolerance for nitro, and much more durable. The only advantages for the 35S are the fit and finish, and being able to change venturis easily. Not that you should toss them out, just be aware of the limitations and don't expect miracles.
Brett