Robert,
A major part of the decision on whether to sleeve the stock master or go to a Grimeca, Magura, Brembo, etc. is whether or not you want to keep the stock switchgear. Changing switchgear would also mean you would need to change the gear on the left handlebar and come up with a clutch lever to match your new brake lever, depending on how important aesthetics are to you.
As Windy points out, going the sleeve route with your caliper gets you to only 19.9:1. Going to a 4 X 32mm caliper gives you 24.2:1 with the sleeved Norton master, but you will need to adapt the caliper to your fork. JimC's solution of an 11mm master will get you where you want to be at 27.8:1 for the most effective brake, you will just have to deal with switchgear and clutch handle.
Keep in mind other factors, like disc diameter, wheel diameter and lever mechanical advantage also factor into this. The lower (numerically) you go on the ratio, the more wooden the feel. Too high and the brake can feel mushy.