In a few weeks I should have my fairly basic (on the outside, anyway
) Delta Elite back from Ted Yost. Here are my thoughts...
First off, make sure it is reliable. That's Rule Zero.
Second, make sure the hammer doesn't bite you. If it does, have it shortened ("bobbed") so it doesn't.
Next priority is a good trigger. Doesn't have to be ultra-light for a practical weapon (I'd say 4-5 pound pull is good), but it should be crisp with minimal creep and no gritty feel.
Then come the sights. You don't need to spring for some pricey Novaks or Heinies (though they are nice sights). Kings sells good sights that fit in the standard dovetail, and a few others do too.
After that, get rid of the sharp edges, have the magwell beveled, get it re-blued, and you're in business.
If you don't like the accuracy, a simple re-crown and fitting an oversized match bushing can usually give you the improvement you need. You only need a new barrel if the stock one is totally buggered up.
You don't "have to" do any of that stuff (aside from make it reliable), but the above are what I'd consider "sensible" mods that give you bang for the buck. Beyond that is just gravy. I'd also ditch the group-gripper or two piece guide rod and use a short plug or solid FLGR. Two-piece guide rods can shoot themselves unscrewed, and the group gripper is a gimmick. My understanding is that Norincos are made of good materials, actually.
The key thing is to make sure someone competent does any modifications for you.