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You should be able to add a riser to the existing steering column, that will save you a LOT of headache. You almost have to remove the engine to get to the bottom steering linkage (which is probably loose anyway).
Brakes should use DOT 3, same as your car. It's a good idea to flush all the old, remove the caliper and clean up inside the piston. Lots of junk accumulates in there over the years, especially if it has not been flushed. Be careful with spilling the fluid, brake fluid will eat the paint off of any painted surface.
You may find that getting a good used clutch is way less hassle and almost the same expense of rebuilding your old one.. keep checking ebay. Look for a clutch off of a fuji twin, the triples have a different offset.
The suspension doesn't have a whole lot of travel to begin with, it is what it is. There should be an adjuster on the rear springs to give you less tension on the spring. Look for a nut that a spark plug tool will fit; the nut will be attached to the adjuster. The adjuster has three sides, hard, medium, soft. Try adjusting to put less pressure against the end of the spring.
Good luck with your project! Wish my son(s) were as interested!
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2007 RMK 700 155", 2008 RMK 600 155", 2006 RMK 600 144", 98 Indy 440, 95 Prowler 550 2-up, 1990 Indy 650
RIP, destroyed by fire 1-22-2008 
04 RMK 800, 05 RMK 600, 02 RMK 800, 97 RMK 700
http://www.avalanche.org/accidents.php
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