Welcome...you've found the best Vmax community and resource on the planet. If you haven't already, cruise through the different forums and read the "stickys" at the top, lots of FAQ's and such are answered. You've got essentially the same bike as me...a silver '97.
Here's some suggestions...as others noted you can mod your Max about any way you want, and nobody can really choose that but you. Here's some tips that apply in general.
1. Go to vmaxoutlaw.com and download the pdf of the service manual. It'll be your best buddy, and it's free. Detailed instructions on everything, loads of photos, wiring diagrams, and enough specs to make your eyes cross.
2. Common/known issues:
- Low Voltage:
Get a voltmeter and check your battery voltage. Vmax's are notorious for crappy charging systems, many people here have fought with charging issues and low voltage/slow cranking. Voltage at idle should be no less than 12.5 (bare minimum). Voltage at 3000 RPM should ideally be 14.4, but no less than 13.5. Any less and you'll want to fix it before it gives you problems down the road. See the "electrical" forum for loads of info on that and how to fix it.
- Starter Clutch:
If your starter "misses", as in the starter spins but doesn't crank the motor, or sounds like a "bag of rocks" as you crank it, your clutch ring may be loose. If you fix it soon, it might just be loose and not broken. Wait too long and it will go from loose to broken, and they're rather expensive to replace.
-Shift Segment
This is a little drum that lives behind your clutch. The foot shifter acts like a ratchet on this drum lined with pins, rotating it one way or the other to change gears. Older models(02 and prior I believe) have the "old" style, which has flimsy metal fingers holding the pins in. The fingers can bend, allowing the pins to fall out and you to "lose" gears. They fell out on my '97 at around 15,000 miles, others have 100k+ and have not had an issue with it, so luck of the draw? The new updated part has captive pins as part of the drum, they can't fall out.
-The oil pan o-ring.
This is an elbow that's held in place by the oil pan, which carries pressurized oil. Due to a generally poor design, and less than perfect fit, the elbow wiggles out a bit and allows the o-ring to bulge out the side, which can leak oil pressure back into the pan. Some have attributed catastrophic engine failure to this, others say it's no big deal unless the motor is run in extreme (modified racing) conditions. Some modify it with a new o-ring and add a clamp or wire to hold it in place better for peace of mind. Your call.
-Wiggle/wobble in the handlebars, especially at high speed
Another common issue. Lots of things can cause it, but typically the culprit is worn/loose steering head bearings(bearings between the fork assembly and the frame). They can be adjusted with a 1 1/16" end wrench, a flat screwdriver, and a hammer. Search for more info, look for "bounce test". Worn or under-inflated tires have also been linked to this.
3. You won't need it for a while, but install a manual fan switch. I don't know why bikes do this, but the stock thermo-switch doesn't click the fan on until the motor is practically overheating. Installing a manual switch for the fan is a popular mod to turn the fan on sooner(i.e when you get in traffic) to keep the temp lower. I see this as a mod absolutely everybody should do.
4. As twistedmax noted, Progressive springs are excellent and another popular mod. You'll get a better overall ride and improved handling.
5. Tires. The two most popular tires here are the Metzler ME880 Marathon(good traction, decent life, kinda pricey) and the Shinko Tourmaster (super sticky, shorter life, cheap). Most run the stock front size (110/90-18), many go one size larger in the back. Stock is a 150/90-15, but a 170/80-15 fits in there just fine and gives you a bit more hook-up, something the Max desperately needs. Those numbers decode to: (width in mm)/(aspect ratio %)- (rim size). 90 means 90% ratio, meaning the tire's profile is 90% as high as it is wide.
6. Search function. This site is huge, and there's archives for years back. The search button at the top of the page can dig up all sorts of info. If you have a question, it's a good idea to try a search first, chances are it's been asked before, and there's already an answer waiting for you. If not of course feel free to ask away and there's loads of people here .
7. Sean Morley (one2dmax). This is your other best vmax buddy. He's your go-to guy for all things Vmax. He can help you with about any mod you can think of and get you commonly needed OEM parts fast and at a great price. He also offers a parts exchange, "try before you buy" service on some parts. Check out any of the rotating banner links at the top of the page for great Vmax sites also, or see the "Vendors" forum. Advice and answers to your vmax questions are always fast, and always free.
8. UFO (planetvmax.com). Avoid. Far too many people have had far too many bad experiences with the proprietor of this business, and I highly doubt anybody here would recommend it.