The only thing I've done to mine is the indicators bud, they're the standard ones but I found them not as bright as some other machines out there, after taking the lens off I saw why, they don't have reflectors in them so I got some shiny tin foil got some double sided tape and lined the inside of the indicators shiny side out being careful not to let the foil touch the bulb holder anywhere, it works a treat and I got much brighter indicators, one thing I do intend to do is the wing mirrors, you can't see much from behind except your elbows so the trick is to get a set of fox eye Fazer mirrors (2002/2003) they're slightly longer and it makes a big difference i'm told and also the forum agrees..
The trick is to get a bike that's got all the service stamps if you can, that shows she's been maintained bud, the engines are pretty bullet proof (detuned thundercat power plants) all you got to do is look after them and they'll go on forever.
Don't forget these girls are water cooled by the way!
The hornet is supposed to be just slightly less under powered than the Fazer I haven't ridden one myself but a few mates have and they've all said not as good as the Fazer, also depends on the rider.
My current girl is my second Fazer (my first was the plain gold mk1)... nah you can keep the hornet lol!!
I know what you mean about the exhaust, you should ask on the forum who's running with a stock one and with how many miles on the clock..
Should be a good thread, my girl has stock black pipes she's got 8575 miles so mines the first one to your thread! Nice one.