Thanks all for your posts your advice is much appreciated.
And thanks for posting about the first posters thread and advising to fill out my bio. All done now. Sorry I was just cruising the Project Builds thread when I created my account and didn't think to go into that thread.
I should make it clear that the bike is currently road worthy and fairly safe, except for some issues with the front brakes and speedometer lighting.
The front brake issue looks to mainly be with stuck pistons in my preliminary investigations. I will need to get it off the disc to do a proper inspection, I figure while I am repairing those I might as well replace the front brake pads and clean the whole assembly as well as bleed brakes and replace brake fluid (looking darker than amber at the moment). I have taken about the front brake switch because it wasn't triggering the brake light when pressed. I have cleaned this and rebuilt the switch assembly and it now works. Will post about this a bit later.
The lighting issue has been fixed this morning following some wiring and rewiring. I will post about this shortly too.
Out of interest for my own safety I have grounded all future trips until the front brake issue is sorted which poses the most risk to my safety at the moment.
I note that I may have come across as someone more interested in the cafe racer looks than performance or safety first. I can assure that is no the case. As a married 32 year old with 2 kids (and a mortgage I don't to leave them all with) I am 100% concerned with ensuring I get home to them every night.
My initial lists were intended to map out, really for my own benefit, what I needed to tackle in no particular order. The cosmetic items are the lowest priority unless it makes more sense to couple them with a safety/performance repair/enhancement (e.g. new clip ons/clubmans when I get around to replacing the levers and switch assemble on either side of the handlebar.
For those interest in price, I picked this one up for AUD$1,500 and apart from the lighting and brake issues, it really is an ok running bike and could probably do without me tinkering with it in the short-medium term. Regardless I am avidly interested in getting to know this bike and being competent in the maintenance, repair and restoration of it.
And ultimately I want Nancy to be a striking cafe racer gal.
EDIT: and yes, drum brakes not discs