Ok, these bikes are a bit quirky and archaic, that is precisely why we love 'em!
It looks and sounds like you have the makings of a good 'un. Just ride it for a bit before drilling holes, or changing things too much.
I'm heading for two years ownership of mine, after a few teething troubles, she ran very reliably, unfortunately the p.o. was not much good at maintenance and repair, so a few bodges needed to be put right. I have altered many things, mostly cosmetic, but, the main thing was the seat, I could not live with the sprung saddle, so I have fitted a custom dual seat. The bits that don't seem to age well, are anything made of rubber, (don't replace them with Indian made), and the wiring, it seems to get brittle, and the fittings are a bit nasty.
I love commuting, and generally playing around the bay on mine in nice weather.
This is an old pic, she has altered a bit since, due to lockdown and artistic licence.