You seem like you are genuinely interested in putting together a good bike as opposed to lawn art and that will get you help here. Stop looking at or reading about these dopey Pipeburn POS motorcycles they have nothing to do with putting together a great riding machine. Look up Steveo's Ducati Imola build, it is a good example of how a pro completely changes the cosmetics of the bike and never loses anything that makes the SS a top notch performance motorcycle.
The other thought to keep in mind is when you are riding with a group is often the time when someone will want to try out a bike that another rider owns. As an example if you and I are together, me on my snotty, beat up, little 620 Monster and you on a Pipeburn special, we aren't swapping. Not just because I don't want to ride yours but also because I can see you know nothing about motorcycles and my Monster isn't your clunker. I don't want to find out you can't ride it but think you can.
Your framework is the real issue at this point. Put the wire spoke rims back on with the normal tires. Cut out your hoop. Take one shock off, put a ratchet strap between the seat pan and the swing arm. You should be able to tighten it down until the shock bottoms out. That's the travel you need. There are a couple ways to correct it. Airtech may have a seat pan you could use to cover the structuring.
Shocks, fork internals, tires and braided brake line upgrades would be money well spent. Wear and maintenance issues should be attended to. And then just ride it until you know something about the bike.
Progressive and Hagon are good suspension vendors. You can ask for tire recommendations. If you are a new rider don't go with clip ons, better a superbike bar. You want to be upright and comfortable when you are learning to ride, it's a survival thing. You want to e able to see what is going on around you because you have no muscle memory until you get many miles under your belt.