It will depend a lot on the port timing numbers and the rest of the setup. There are some basic carb size ranges that work best for different displacements and the VE of the engine. For an 85cc engine, generally a 18-22mm carb is considered the most ideal for output, but the intake and port itself on the Phantom is smaller than it is on a Stihl 046 saw, which is what the Phantom is based off of. The Stihl carb is 20mm, the Bofeng on the Phantom is 14mm. The Stihl makes 7hp and the Phantom makes 5. If you open up that intake port and have an intake capable of the airflow, it's reasonable to assume you could pick up a couple of HP with some simple port work and said bigger carb.
The other end the carb size spectrum has to do with "ride ability" and how the engine behaves. On a race engine, idle and part throttle performance take a back seat to all out power. You can put a 22mm carb on a Phantom, and in theory it would be great for all out power but would be a pain to live with day to day compared to an 18mm carb that may leave a half a HP or so on the table, but will have great idle and part throttle behavior while also still delivering excellent power up top.
As far as how big to go. With a dyno of the engines power output you could calculate the VE of the engine, and with the engine displacement and RPM capability figure out the maximum CFM the engine is capable of, and then match a carb to it. This would be the "best of both worlds" in terms of performance. It's a lot of work and math with a ton of variables involved.
One thing is for sure, when you get "too big" you will know. The idle will never be steady and the jetting becomes super sensitive to Density Altitude changes. You will also experience what essentially feels like a dead spot at the end of the throttle sweep past 3/4 throttle. Aka, you open the throttle, but it doesn't feel any different.