if it were mine. i would go for an overhaul!
it looks nice but if you bored then change it. theres some lovely parts on that already so you've got not a lot of work to do, but if it were mine i would:
repaint the frame to the sludge green colour of the mid 90's helped along by the red stickerset with the sculls on it.
get some s&m pegs on there
stick a straight odyssey slick cable coming from a tech77
maybe a profile trifan chainring or something of the like.
definately a new seat, gt padded dropnose probably
and a set of amberwall gt tyres.
take off the bashguard
take off the front brake
full on all round midschool bike!
just to help give you some ideas!