The sump oil filter is prone to tearing. Mike's sells an upgraded and reinforced sump filter but I've heard the quality control is crap. The one I got seemed fine but there are pictures floating around of mangled filters from Mike's. The cam chain tensioner is made of plastic and tends to fall apart after a while, leaving little pieces of black plastic in the engine oil. It's a bitch to get to if you replace it. The seals and gaskets are 30 years old and will probably need to be replaced. Rubber only lasts so long. Pamco Pete sells a nifty electronic ignition to replace your points. That's about it off the top of my head. It might need a rebuild if the seals are shot. If that's the case, I'd replace the cam chain tensioner plastic piece, the cam chain, the gaskets, the seals, and upgrade the oil filter and sump filter at the same time.
There are a ton of other upgrades you can do to the bike - suspension, brakes, etc.