I just picked up a well-preserved '85 VF500, and I'm looking forward to doing a few simple mods!! I'm thinking about replacing the stock mirrors with a short mount that is just big enough to hold a small rectangular convex spot mirror. The factory mirrors seem to be pretty useless, and those big stalks don't do much for the lines of the bike. The turn signals on the front are on long stalks as well, the rear ones are on shorter ones that look a lot cleaner. Doesn't look like it would be too hard to take them off and trim the stalks down, anyone ever done it? BTW, thanks to all the folks here on VFRW, I've been learning a lot and enjoying looking at everyone's projects!
Congrats on the purchase! If I could recommend, a lightly used copy of the original Factory Service Manual is a must have. These usually come up on eBay in the $25 range + shipping. The FSM will stand you in good stead when working on the bike in the future. Have fun and keep us posted on the progress.