If you accept the limitations of a machine of that age, such as cruising speed & older brakes. Then there is no reason why you shouldn't use it for reasonably reliable commuting, with the following obvious conditions.
Make sure the bike is in good order throughtout & properly maintained.
Electronic ignition is not a bad idea, & a 12 volts conversion would be sensible. 12 volts will allow you to to use a halogen headlight, & if you use LED lights for the other lights you will more watts available for the headlight.
You can maximise brake efficiency by making sure that all the parts are working & adjusted properly, & operating arms are at the correct operating angles. Check the drums for ovality & skim if needed, & use modern brake lining material.
Check out this link for electronic ignition, I understand they have a good reputation.
http://www.roosterignitions.com/Try this guy for halogen & LED lights.
http://www.norbsa02.freeuk.com/