Hey Bro,I can help you out here but First things first.I need to know what is your Maximum Budget you will be spending for Mods in your Pegasus.I saw your pics of the bike bro.All Indicators gone,RVM gone,Engine and Gear case looks ugly as Paint has Peeled off.The Tyres have worn out,Stickers and the Logos are damaged.So What I am telling you these is Your bike must look in a good condition before you start modding it.So,Please condition your bike.I can give you some tips.Check the Carburetor for Blocks and Clean it,Check the Engine and Exhaust system for Carbon deposits and Decarbonize it,Check the Wiring for cuts,Cracks,Loose ends,Check the Lamps or Bulbs for Fused ones as they will affect the Wiring very badly,Check Rust,Bend,Dent and Corrosion in the Frame,Body,Metal parts,Dont forget to get Brand new sticker set for it,peel the old ones off and install the new ones (Get the one with HH as without a honda,It is a humiliation for the dear splendor with just the Hero sticker),Also peel off unnessasary stickers from the bike.After all these,Go Get yourself New Tyres.Remember to get a Fat rear tyre.You gotta raise the hieght of the back so that Fat tyre can Show off
And as you increase the hieght,you may have to lean forward so go for Split Handlebars,It will look and feel good.Go Paint your Engine and Gear Cover.Don't Forget to highlight the 'Hero Honda' in Bright white colour bro.Check the Meters (Speedo,Ful meter.etc) and get them Cleaned,Accurated and Fixed.Get the Carburetor upjetted while installing the HP Air Filter or you won't notice The Boost but inturn you will also have a whooling sound from the Engine.I also have this crazy idea.Try to get the Enfield Short bottle Exhaust and Fit it into your Pegasus and See... No,Hear the Difference bro.
You also got to check your Oils.Make sure they are not Dark in colour.Re-lubricate the Drive chains with new oils,grease and Make sure they are not too loose or tight.Tighten every bolt,Nuts.etc but change every bolt that has rusted as the will spread and start eating the bike slowly.Finally,Get Amaron leakproof battery.If you still want to do mods,Go for the current gen splendor Alloys,Tail lamp, and Headlamp.Other than that I have Zero Knowledge.You can ask our great Mr.Boss about performance mods,As he has experience and will know about them atleast 10 Times better than me.You can go see his thread on his RX resto and Modding.Ge Has done something with the Teeth of the back wheel saying it has an effect on the Pickup or Top speed.Finally,Tune your Bike to Recover Lost mileage figures without losing Performance figures bro.But remember,If you dont maintain your bike and just go for Mods,It will be in the Wierd Modjobs section in No time my friend .Thank you