1) your actual power output depends on what frequency you transmit on, and the luck of the draw - but no, there is no way to fix/change anything to get more out of it.
2) "Best in class" depends on what is important to you and how you define "best" - but generally speaking Baofeng radios are not on that list
Dont make the mistake of getting overly hung-up on whether or not a radio is transmitting 5W or 3W - In most cases, usually, most of the time, on average, you will not notice any difference in FARS when comparing 5W to 3W - what you will notice however is that 5W will suck down your battery much faster.