IMO, skip the pipe for now, grease all external bearings, yeah its some work,, but if somethings buggered, it could cause problems at speed.
next i'd keep an eye out for a used later model front end, w/ disc brake. prep the rear brake with grooved shoes, if you do it dont breath the asbestos ( hack, weeze, hhmm what's this growth?)
give me a bike that handles well and stops over 2 more hp, and more noise.
sounds like you have a real find. even if you find your not riding it after a while, bikes like this are great to stuff in a remote area, say the southwest and your in the crap weather, take a break in the winter and get out and ride .