Yes I am sure it will be an interesting thread. And yeah I thought it looked like the same bike!
It does have the original wire spoked wheels so to drive it from the spokes (kit rag joint) you should really be replacing/rebuilding with high quality spokes.
You have time to read all the newbie/sticky threads and don't forget to use the search function (up in the top right) with words like vibration reduction and crank balancing as there is lots of great information already posted.
You will read about fender dangers, the need to mount solid to the frame, and the basic upgrades that "all" generic 2 strokes need.
I'm sure if you can/decide to take brake mounting posts (aka lugs) from scrap/wrecked bikes/forks then you can use any wheel size you like to lower the bike. The quill stem should be able to be dropped quite a bit too, but not too far (mind the taper). Also see if you can get the Sheldon Brown site to work on your device as there are some great tips on bicycle repair/setup/standards there.
Good luck!