Don't bead blast anything that's going to be polished...it'll multiply the amount of metalfinishing needed before polishing can be done. As for the wheel hubs, they can be glass bead blasted inside & out...it's a good way to de-rust the brake drum. I'd avoid blasting the aluminum surfaces, inside the hub though. They're far easier to clean without "profiling" (adding the bead blasted texture to) the surface.
In my decidedly opinionated experience, there is such as thing as "mission creep". I started out a couple of decades ago with a titled, low-mileage, original-owner K1 and the same goal...a good bike for camping/trail riding that could be ridden to & from the trails. By the time I got done with the list of items to be replaced, there wasn't much left of the original bike. So, that one got back-burnered, slated for a full-on, 100-point, restoration. I sourced a rare JDM ST70 that had been abused, partially cannibalized for parts and left for dead. If you've been combing the various threads here for a while, it's my red custom Dax. Suffice it to say that after 24,750 miles (in its present configuration) it turned into something very different from my original goal. BTW, I did go offroading with it...visiting places I'd never dare risk a car; about 3-4 years ago, I finally had my fill of trail riding. It stills goes on camping trips, just gets ridden over nice, largely vacant, stretches of 2-lane highways.
If you're going to build a highly modified bike, with lots of aftermarket parts...such as you listed...you could start with a rolling chassis, or less. With a complete new front end, requisite upgraded rear shocks and horsepower infusion, you'd likely do as well, or better starting with a frame, fuel tank & bracketry, seat latch, headlight & tail light, swingarm and a pair of wheel assemblies. Doesn't sound like much, does it? Fact is, you'll end up discarding far less this way...and spending less cash to do it. Tires, exhaust, fenders, cables, chain, bearings, lights, etc are all cheaper if sourced new. And, for a beater type build, you could substitute cheap & chineezy versions of non-critical stuff, such as the fenders & lights. You could take your choice of repop seat styles for less than $200, delivered. Rebuildable engines can be had cheap enough, though not in 4-speed/manual clutch flavor. It's possible to convert...via AHP 4-speed tranny and TB manual clutch kit, if you dislike a semi-automatic. FYI, there's ~$175 difference between an 88cc bore up kit and adding a 51mm stroker crank to make it 108cc. This just covers a few of the basics. You've got LOTS of options from which to choose.