Good things come to those who wait. Brilliant replies. I guess I can make do with the originals to bridge me over to getting something better.
I was not aware of the voltage regulator issue - thanks for the heads up!
I am aware of the seat issue and will have something done about it.
The kev mod seems like an inexpensive and easy fix. I will ride and see - aybe the stock is good enough. If not, I now know there is a work arround to get richer fuel.
As for innertubes - there are benefits. I'm ok with innertubes and they give me peace of mind when having to depressurize while riding in remote places, where tearing a tyre or breaking a rim can get you into heaps of trouble. Then again - tubeless rims and a spare tube in the luggage, with some rim tape, etc - would be preferable. If the bike was newish, I would have gone your route, but I can't justify the expense to convert to rimless on such an old cheap bike.
I'll probably change out the exhaust, if only for the weight savings.
Once agian - thank you all for your input!
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