Don't forget speed holes....in everything but the tires.
Yeah thats the ticket....
Especially the fender, gastank and forks.

I'll second the sand method for head porting... it had almost instant results!
But really....
cheap... define your personal view of cheap.
And it depends on what you are attempting to fix on the cheap side of things...
I wanted to upgrade the brakes on my next project so I took the front end off my kawasaki I got for free...ended up with a upgraded the MC, dual disk, and 37mm foks.... all for free.
Ok it took some machining, a $18 bearing, hope and a prayer it would work as well.
Depends on your creativity, and ability to adapt parts.
Willingness to completely hack your bikes re-sale value doesn't hurt either for cheap fixes.
l8r