Welcome to the site Blenks
It's nice to see an old bike come back with a new owner, I think you'll like it.
Can't remember exactly what Bob had done already, I think my first mod was a rear hugger to keep the crap off the standard rear Blue Spring shock until I could afford to replace it. People have different views but I kept the old shock on for a while longer as mine did not seem too bad with a bit of extra preload set, so I stuck with it for 10k miles or so until I found a good replacement on eBay, finally swapped it for an almost new White Spring shock off an early Mille, serious improve ment, as the Mille is 4 way adjustable, (Compression, rebound, preload and the ride height).
Then came a Skidmarx Double Bubble screen, I like them some others don't.
Skidmarx belly pan fitted, ditto above, I think it makes the bike look much better.
Swapped the sidestand, I used the eBay unit but again lots of other ways to sort it, latest is to use a stand off a recent Blade, again see recent threads.
Lowered the gearing slightly whilst fitting a new chain, initially one tooth up on rear, (see below)
Fitted Beowulf Titanium Race cans, left road legal baffles in so OK with standard ECU, but still very loud.
Fitted a K&N at the same time, and seemed to work very well together, better mid range and no 5K flatspot.
Then the White Spring Mille shock, which fits with standard Falco dogbones, (just watch the gas valve, I had to cut mine down slightly, some fit straight on. If you need to get the Mille shock rebuilt, have a recessed valve fitted).
Plus other mods such as uprated pads back and front, smoked rear lens and LED bulbs. Lowered gearing again using a 15Tooth front sprocket and standard tooth rear, (much better!).
These were just my personal choices, done when I could afford them, but lots of people have different ideas on here, so look through the Falco Gallery photos, (such as the RiderSite Falcos), at what other people have done, choose what suits you and start your own wish list, just don't leave it too long before you change the sidestand!