The sea-level rated (ie no supercharger) Kestrel had an international rating of 585 BHP at 2500 rpm in the late-1930s. This was with a compression ratio of 6:1 using 87 octane. It should not be a problem to reduce the compression ratio to 5.5:1 or even 5:1 and run on 65-70 octane motor pool fuel, putting out ~530-480 BHP at 2500 rpm. But IMO you really only need around 450 BHP for the 1939 period as this would give 20 BHP/ton for a 22.5 ton tank. The 18 ton variants of the Valentine only had a power:weight ratio of ~9.2 BHP/ton.
Beef up the Vickers Slow Motion suspension to maintain the 15 mph (UK rating) to 20 mph (USSR rating) road speed and 12 mph cross-country speed at 22.5 tons.
The Valentine with the 6pdr or 75mm in a 2-man turret weighed in at just under 18 tons, which was a little under 2 tons more than the original Mk I model with the 2pdr. The original front and side armour basis of 2.36" would be considered light for the mid- and late-war, but it was good enough in the 1939-41 period to stop the German 37mm and short 50mm APC at any reasonable combat range.
The Valentine was a small tank, only 6' 8" to the turret roof. Adding another 12" between the upper hull structure over the tracks (at least in the area of the turret) and the height of the turret to allow a larger turret ring and provide more room for the crew would not increase the height beyond what was tactically sound. This would of course add weight to the vehicle, as would a properly designed larger turret needed to house a larger gun and the 3-man crew.
Adopting welding for the main structure of the turret and hull would reduce the weight gain to a degree, as would using more effectively sloped armour on the front of the hull and turret. Welding was used on the hulls of many later production Valentines - but I have not been able to find any info on how much weight this saved over the bolted and riveted method.
Increasing the effective frontal armour basis to 3.36" would only cost about 1 ton. This leaves 3.5 tons for the rest of the "mods".
NOTE Weights are in long tons at 2240 lbs/ton.
[edited to correct height to turret roof, from 7'6" (actually the height to the top of the blade sight) to the correct value of 6' 8" to the turret roof, plus a few bits of info - including the info about later production tanks use of welding for the hull construction, and use of long tons in weights]