Welcome to the F club! I have that exact bike ('76F), but it came in the original yellow. I've done some work on it since, and absolutely love it.
You asked about brakes. When I bought it I totally rebuilt the brakes (front & rear, including SS lines) and the front suspension. I still felt like it didn't stop as well as I felt comfortable with. I added a 2nd disc (actually pretty easy) which helped. The biggest difference came w/ adding a modern (14mm) master cylinder for the front. Stops on a dime now!
