Rob,
All I do is cruise as well. At present I ride a Suzuki Volusia (800 cc bike). I like it because it fits me. I don't like the lack of power/throttle response compared to my riding buddies, especially on the Interstate, and the brakes could be better. However don't underrate the fit of the bike to you. After an hour or two of riding, the fit/ergos of the bike assume PARAMOUNT importance and the go factor is of less importance as long as it is adequate. (Don't get me wrong - I like FAST and ACCELERATION as much as the next guy)
However, I like the fit, the suspension, ease and smoothness of shifting of a bike as much or more than just raw power. The Meanstreak is a great bike. For me, since I just go cruising, the 1600 Classic will probably be the bike I upgrade to. But I will not sell my Volusia. I just love the fit/ergos and the motor is adequate for most of my cruising - I weigh 225 lbs. Even with the relative lack of power, comfort while cruising is important.
After I get my 1600 Classic, I will redo the exhaust for more HP and torque. Then I will add a Power Commander air kit and computer. I will go with the advice of the Power Commander folks as to the pipes. There is a lot of potential in the 1600 motor.
But the very first mod I will make is a Mustang seat. The next mods in order of importance: better brake pads, windshield, saddlebags, crash bars. Only after all these mods will I begin any engine work.
My point: don't overlook comfort and fit. All the power, etc. in the world is no fun if the bike is not comfortable. Of course, keep in mind that I am 56 years old, stiff and crochety...