The WR250F is a great bike, I love mine.
I cut the throttle stop, removed the airbox lid, capped off the grey wire and put an aftermarket exhaust for a YZ250F on it. It ROCKS. Next step is getting rid of the battery and starter to shave off weight.
Pulling that cheesy little pencil sized baffle out makes the bike a lot better, but you will find yourself wearing earplugs when you ride. I highly advise getting the FMF "Q" series, or something similar. It was probably the best thing I did to that bike, outside of the quick and easy mods.
I'm not sure what you mean by "hangtime", but if you want to hang the WR out in the air and land it, you will certainly want to spend some money on suspension. Trust me, the thing is awesome for trails, but hitting jumps gets a little scary. :yikes:
Soon will be the YZ timing cam change woohoo! :cool: