Easy and free:
Start by yanking off bits that don't make it go. Keep in mind that legality will come into play with things like lights and such. Remove that rear fender that's hanging out the back, the chrome grab rails etc. Remember, the original cafe bikes were streeters stripped down to the bare minimum. Do the same. Anything that can go should. Reverse your handlebars to laydown. No they aren't quite like clubmans or clip-ons but it'll still start the look and change the riding experience for you. That was one of the first things I did on my old XS850 and it made a big difference for no money.
Cheap:
You can get small plastic signals for dirt cheap that are lighter than the big OEM lollipops. That tail light isn't bad but there are smaller better looking pieces out there. Do a tune-up and oil change, adjust your cam chain tensioner....stuff like that can really perk up an older ride.
Inexpensive:
A 'glass cafe seat off fleabay runs around $100, add another 20 or so for cheap padding and mounting and you've not only dropped 15 pounds or so but it'll start looking like a cafe bike. Clubman bars can be had for around $35 a set and can be just what the Doc ordered to make the look right. Pod filters will allow you to lose a good bit of weight right out of the center of the bike, it'll also allow you to drop the battery lower in the frame to help with weight distribution. You shouldn't need to rejet until you change the exhaust to something that flows better.
just a start.....