My '94 is torn down at the moment for a rebuilt. It's exactly like yours but is blue/orange. I'm keeping mine stock looking with the French blue and crazy orange graphics and seat.
I picked up a DG O-series exhaust off eBay for $158 shipped. There are 2 version of this pipe - one for '87-'02 bikes and one for the newer '03+. In 2003, Yamaha slightly changed the exhaust mount point location. I also picked up a stainless header pipe from an '07 TTR230 (direct swap) off ebay for $30 shipped. I'm not expecting much of a performance gain but it will sound better. The polished header and exhaust will add some bling.
I got a jet kit from ProCycle that has a few different jets and washer shims for under the needle to fine tune things. The tech section has lots of info on the needle shims and carb cleaning/tuning.
Can't help you with the paint. Good luck with your project.