Start with maintenance to make sure it's reliable. Hoses, timing belt, make sure it's not trying to set the carpet on fire. Then, yeah, run it and see what's holding you back. Some mods are pretty standard for these, including a better transmission cooler (if it's an automatic), an idler arm brace, and the headlight relay mod (because the factory headlight wiring is wimpy). I replaced the automatic locking hubs with manuals on mine, partially because (IMO) they're better, and partly because my auto hubs were clapped-out and unreliable. If yours doesn't have it, the stock rear limited slip diff is pretty good and pretty common, so you might get lucky at the wreckers (just make sure the axle code on the data plate near the wiper motor matches yours, HG43 or HG46). Look for an orange sticker on the rear diff that says "use LSD oil only." IIRC you can also fit a ratcheting locker into the open rear carrier, so that's an option if you have an open diff and want something closer to a real locker.
+1 for recovery points. I've got two hooks at the front of mine (two stock hooks, they only came with one but there's nothing to stop you from mounting a second one on the other side) and a tow hitch on the back that I can stick a D-ring shackle mount into. And speaking of skid plates, some of these came with a skid plate under the transfer case, so that's another thing to keep an eye out for at the wreckers if yours doesn't have one.