I don’t think I would change anything. But if you want to pamper yourself a little bit and give her a facelift for cheap, just replace the bar tape and the cages. Simple things like that will motivate you to get out there and ride a lot more. If you want to splurge a little more, maybe get some tires with higher tpi so the ride will feel smoother.
Great looking bike though.
This ^^
that bike’s a classic beauty that any cyclist worth their tubes should appreciate. The cycling fashionistas, would (rightly) protest the various color combinations, and in particular the mismatch between seat and bar tape (or more specifically, the fact that the bar tape matches EXACTLY the one bottle cage and clashes with everything else). Mismatches? Some people like to roll that way (see what I did there? I made a pun) so if that’s you, good on you. If not, I would say white bar tape and white bottle cages would look pretty slick.
Good tires make every bike a little better (and ever so slightly faster, if well chosen)
The ultegra groupset is great - sure there’s weight to be saved but unless you’re climbing colorado mountain passes every day its doubtful that a drivetrain upgrade would meaningful change anything other than the sound.
that stuff about rotating weight and wheels? Ignore the thing about rotating weight, it’s simply not true and I have multiple degrees to back that up (in crits, sprints, maybe. out for a ride - nope, not even a little bit). Nice wheels looks great and can significantly reduce wind resistance, but it’s definitely not the cheapest way to make any bike better