My first summer of riding was on a Virago 500, an early 80s model that my dad got from a friend for a whopping $400. It was silly looking and had retarded ergos (made for very very short people I guess), but I loved it! That little 500 V twin was a great engine. Plenty of oomph for me and the girlfriend to take day trips to the lakes and mountains. We had a great time on that bike. With the reliability and shaft drive, I never did a lick of maintenance on it, but it ran great until one day the CDI gave out. My older brother fixed it rode it last summer. I got my own bike now
Good call on the rims. Man those stockers are silly looking! Good luck on the rebuild, I'm interested to see what you do with it.