Hi Ray, welcome to FOC-U.
Standard rear shock is crap. Most folks here go for an R6 item (available from devilsyam on this site - you have to get the right one), or Nitron, some for BMW S1000RR shock. Will transform the bike.
I have to say I've never found the front forks to be too bad, they have a fair range of adjustment. It may only need, as you say, a refreshment of the oil. 20W sounds a bit heavy to me, but others may know better.
Don't need a PC, it being a carb'd bike. Choose a can, bung it on, and away you go.
Oh, and we need pics of the bike so we can argue whether or not you bought a fast colour