Re: Is this a worthy endeavor?
Welcome Triggz, That's a lovely bike.
Before I'd do anything to it.....I'd check my state laws as there are links posted here that show the laws of all 50 states. In Ohio you can only have a 50cc motor with one HP so that if it has pedals then it is a motorized bicycle. Just requires a license plate. But if you go over that it's goina be a motorcycle and have all the requirements of one needing to be met before title & license/insurance etc.
Unless you're just out in the country and wanting it to ride around on for fun, riding it to work to save gas may be a squeeze to get past the laws and cops.
So, that's where I'd suggest starting before you go any further. See what's legal by your state laws first.
Good luck with your project.