I would go through the brakes entirely. Upgrade to a dual master cylinder if it has a single type. 3 point safety belts. Upgrade the ignition to a pertronix, save some money and just buy an oem type 2.2-3 ohm coil or a 1.5 ohm if you want or need a hotter coil, it won't matter spending more on the coil imo. You need to run the ignition off straight 12v with a pertronix anyway. Up the timing to what the engine wants, probably 10-16 btdc. Do a compression test, and then a leak down if you find a low spot. Go through the carb, it probably needs a rebuild and start the tune with a fresh carb and ignition system, wires, plugs ect. I don't know where you are but make sure the choke is working and set up right. All of that is pretty cheap. You may have $300 in the brakes if you replace everything but the drums, but including having them spun on a brake lathe. And that should be the biggest cost assuming the engine/head is ok. It would be a good idea to pull the tank sender when the tank is empty and examine the sender sock and the tank and lines. Tank vent, ect, all that can be a real pain in the ass troubleshooting problems later and you don't know what you haven't looked at. If she's into it, start building that 200 or drop an LL8 in there... I know,.. sacrilege.....
