I definitely would replace all the wear parts that would cause catastrophic damage if they go out - timing belt /tensioner and water pump are the only ones I can think of. Coolant, power steering, brake, and tranny fluid (and filter) are neglected by most owners, I would change those too. Every thing else I'd probably leave alone unless there was an impending problem. Cars with that many miles often have lost a bit of power - if you want to restore it you can try anything from seafoam to pulling the head and cleaning the valves, combustion chamber, etc. I did this on a mid 80's civic and the difference was incredible - the car only had about half its original power and couldn't maintain highway speeds on inclines. Leakdown test indicated none of the cylinders could hold any pressure, and refurbishing the valves made all the difference. As an added bonus, it's much easier to change things when you're doing this sort of work (replacing the timing belt requires taking a lot of things off).
Working on old cars can be a pain because various fasteners will have welded themselves fast. A good penetrating oil, a big breaker bar and possibly an impact wrench go a long ways.