Be inventive I say, if you can repair something why replace it? I recently took my speedo apart because it had stopped working properly. It's amazing what one can do with a pair of pliers and a can of WD40.
Paint the underside of your mudguards with the thickest gooey paint you can find, they rust from the inside. We have stuff over here called Hammerite, it goes straight onto rust! - no primer required. It's really meant for gates and railings etc. but I use it for everything, it lasts for years and on the frame it is a lot cheaper than powder coating. It is also very good on the inside of wheel rims to keep them healthy and saves inner tubes from scuffing. Why re-chrome when you can use grease? I cover everything, apart from brake components and seat, in a liberal layer of grease. Each time I work on the bike I take any resulting oily rags and give the bike a quick once-over.
Find parts from other vehicles which will do the same job where necessary. I have a 1960's car ignition switch on my bike, switchgear from a cb550, BSA footrest rubbers, etc...
If something breaks which you don't really need, throw it away. Indicators, airbox, idiot lights and so on.
This has been my principle for years and consequently I enjoy incredibly cheap motoring.
I must urge caution however. If you do want to bodge things make sure it is safe and will work correctly. Think of it as a re-engineering exercise. I have seen some bodges which are dangerous and others which are a work of art.
