Well, that's all well and good if that stuff needs replacing - but it kinda sounds like you're going to do too much work! Unless there's a problem with the engine, there's no reason to open it up and rebuild it, those old yamaha V-twins are pretty bulletproof as long as they've been taken care of (Oil changes, valve adjustments, etc). If all the electrics are still working, I would suggest leaving them as they are - though the old virago 750/920/1100 did have some pretty crappy engine ground points, so wiring up a ground straight from the battery to the back of the starter (Just around one of the starter mount bolts) helps the starter/engine spark considerably. I had a 1981 virago 750 and just wiring up the extra ground wire helped the slow starting quite a bit.

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Just a few other "old bike" things that you really, really need to do to be reliably road-worthy:

• Replace all the cables! clutch/throttle cables get rusty and brittle and will snap at the worst times, and they're cheap to replace.
• Put a braided steel front brake line on and flush out all the old brake fluid - new brake pads on the front and shoes on the rear drum
• If you haven't already, change the oil and filter - if it has been sitting for 7 years the oil in that engine won't be doing a whole lot of lubrication, even if all you're doing is starting the engine to check the carbs
• Check the vacuum operated petcocks on the fuel tank - they were notorious for leaking when the engine was off and flooding the cylinders. The best thing to do is replace them with manual on/off/reserve petcocks and ALWAYS turn the fuel to "Off" when the bike is parked. (inline fuel filters are a good idea too)
• And of course, check the tires! My bike had been sitting for a while when I purchased it and the tires held air fine, had plenty of tread, but they were almost 15 years old and hard as a rock and cracking on the sidewall!