Ok, I love the fact that it is an Ironhorse Sunday, but a few things need attention. Ironhorse made its name in downhill. So what you should do, ideally, is replace the forks, which has been mentioned above, get some low rise wide bars, and a super short cage derailleur. Me being a downhill racer, that is what I would do, but its rider preference and possibly what the bank account dictates aswell.
Just some, I hope, positive criticism.