" ninjaneer" gave you a good place to start. You can use the search function for ea. of those mods and see what results others have had, who sells the parts for the best $, and associated changes others may have tried and/or discarded.
I am not sure about your paint being stock, but it sounds like the "Mystic" paint which is an advanced type of what used to be called, 'flip-flop,' but I am sure one of the more-knowlegable body-shop guys may be able to inform you about that. I think PPG was the first to use the "Mystic" moniker. When they offered it originally, it was an option on Ford Mustang H-P cars, and the only way it was sold was thru the PPG dealer and then only enough for the work which had to be done, plus it was v expensive! That was years ago and I assume it is now available w/o having to show your paint code at the shop to be allowed to buy just enough for your repair. That was the way they kept it exclusive for its rollout.
The best VMax is a stock one, because then you get to make it as you want. I think the bike takes a lot of criticism because it does use older technology. Updating to newest tires ($ wheel or wheels required!) in radials is probably the biggest handling change you can make. For the budget-conscious, Progressive Suspensions front & rear should make the suspension mpre-compliant. Slapping-on some better calipers & HH-specification pads will help the braking, but research first, as you likely will need min. 298 mm later-model discs. An advantage there for a single-pot earlier model owner is that you can re-purpose one of those setups from the front in the rear. Ebay or a local craigslist search will show you what's available for replacement discs & rotors, or master cylinders.
That's it for the suspension cheap (?) fixes, the replacement rear wheel won't be cheap but you will be able to run radials which will give you the best bang for the $ in handling dynamics from what I have read. I bought a bare rear wheel that is going to my machinist if he can do it for less than Kosman. It looks like a 5.5" rear rim is a good choice w/o having to remove & notch the swingarm.
Because it is early 1980's tech, the motor responds to intake & exhaust mods done correctly, but this is alone about the same $ amount as you just spent on your suspension/brakes/replacement rear wheel/tire(s). A new exhaust full system and stage 7 kit w/individual air filter pods & the breather system is going to set you back well-over $1K if you do the work yourself.
As you can see, these are significant $ investments especially if you bought a $2500 VMax. You can easily double your investment just by doing what I described above, and there is so-much more which you can do!
My suggestion is to make sure the stock bike is working well at first, get some mileage under your belt, and then you can take your credit card and prioritize your expenditures according to what is most in-need of improvement to suit your riding needs. I think this is the best way to approach it, rather than just spending $5K and being disappointed that your bike designed in the early 1980's doesn't perform like a modern literbike! And that $5K? You can spend that on motor mods by itself, ask Sean Morley or PCW in NY. If that's what you think you want, then save your $ and buy a Generation 2 and get a warranty in the deal, oh yes, MSRP is close to $20 K! A used one may not have a warranty but will be cheaper, by a bit. Figure on $14-18K.
Hope this helps, use the search function here to research your $ choices before you start spending thousands of dollars, and remember, judicious planning can result in significant improvements in-line with your budget, and riding preferences. Happy hunting.