Sounds like a good buy then Mark,
The two main things people often change over when they have a Ph1 is the wheels and the grille for that of a Phase 2. Both relatively cheap 'upgrades' really. HOWEVER, you'll probably get people on the other hand telling you to keep it in original condition and to leave all the Ph1 bits on instead.
It's personal preference as to whether you want it to look like an original Ph1, or 'upgrade' it a bit to a Ph2 looking car.
Here's my old 1997 GTV Ph1, and in my opinion the grille and wheels make the car look alot better:
Also, there's NOTHING wrong with the black side skirts and bumper valances as long as you keep them looking black as black. Use Autoglym Bumper Care liberally to keep them looking glossy black.
I had smoked side repeaters, but they came with the car, if I were to choose I'd have gone with clear like yourself.
Make sure to post some snaps of the motor though mate,
Nothing like a nice GTV!!!