Would I be safe in assuming an Iron Barrel would be fine for a lazy Sunday morning rider and a 50mph commuter? Are they good on gas also?
Yes.
They are fine for riding on roads with speed limits up to 55mph. They just can't handle the Interstate highways.
They are very good on gas, with the typical stock Iron Barrel Bullet 500 getting about 70-75 mpg while cruising. Around town or riding hard will bring the fuel mileage down a bit, but it's still good.
I personally think they are very nice vintage machines, and with a bit of upgrading inside the engine, they are very capable of good performance such as over 100mph top speed, and ability to cruise the Interstate highways at 75mph, and ability to accelerate as quickly as most vintage 650-750 British twins of the 1960s, while retaining that 70mpg fuel economy.
So, there is a lot of potential, but it takes a rebuild with the right stuff to get it there.
In stock form, they are a bit fragile, and under-powered, but still plenty of fun, and really a nice 1950s-era vintage ride.