I'm gonna say, go w/a used 1993+ fork w/either P.S. or Race-Tech springs. I have done that on my '92, gone to the larger-dia. forktubes. I bought Race-Tech springs and RICOR's (similar in function to the Gold Valve Emulators). I also added a Superbrace. Going w/the later fork allows you to easily upgrade your calipers, and you can put the $$ into the fork instead of the brake brackets while you're stuck w/the wimpy '85-'92 fork. Three mm may not sound like much (40 vs. 43 mm), but it makes a significant difference. You will need the downtube/slider assy's., the triple tree, and the other stuff bolts right-up. Wanna drop $1K on an USD fork? Spend it on going radials instead, all you need is a 17" or 18" rear wheel, use the stock front wheel, and buy sensibly-sized radial tires, say, 170 and 110 (R-F) and your ride will be so-different, you will wonder why it took you so-long. One hundred mm bolt-spacing two-opposed piston calipers or three opposed piston calipers are readily available, and add some braided brake lines, and you're all-set.
So, what would you spend?
- 43 mm stock Yamaha 1993+ triple trees, downtube/sliders, used $250
- new springs, your choice Prog. Suspension or Race-Tech $100
- used R1 two-opposed piston calipers blue or gold dot $75
- used 298 mm rotors 1993+ $150
- Russell or similar stainless steel brake lines $80
- HH EBC pads $80
- Kosman rear wheel 17" or 18" X 5.5" $600
- front 110 X 18 radial tire, your choice $100
- rear radial tire, 17" or 18", your choice $160
- RICOR or Gold Valves $120
- fork brace $100
total $1815
Ah, throw-in some All-Balls steering head bearings, $35, so call it $1850. If you add a set of good quality rear shocks, which you can do for $<300, you spend a bit more-than two grand, and your bike will behave in a way that you never thought possible. Sure, you can spend $600+ for a "da bomb" pair of rear shocks, and a notched swingarm, braced for the high-zoot factor, another $3-400, or more, those two items will allow you to run a tire that will make your handling be not as-precise as a narrower tire, but will add points at the local hang-out. Just take a wood rasp to the 'chicken strips' on that fattie before you go there. I'm pointing-out what I have tried, bought and used, and that is my opinion of the biggest bang for the buck for your VMax. I'm not claiming it now handles like a 2013 R6 Yamaha sportbike, but I wish I had done it sooner in my twenty years of ownership of my 1992.
Your choice, your $$. Buy wisely, search for good deals on used parts, and you can do it cheaper. Buy new stuff, and spend a lot more.