Very nice machine you got there! Yeah it looks like it has seen some use, but actually looking right at it I don't visually see anything wrong. But of course the problems are not visible until you get inside some of the parts.
In case you haven't, get a shop manual for the bike, and it will show you how to address all of those things I mentioned.
On a side note, I don't know how the bike rides since it's obviously yours, but bikes this old with non-radially mounted calipers, non-drilled rotors, and I have no idea what type of pad is in there, those parts may just not brake as hard as the modern bikes. So depending on how poor the performance is, it may just be designed that way. I've ridden a few Harleys and other bikes, and sometimes they just have bad brakes.
If you can still slam on the brakes, lock the rear up on purpose, and stop hard enough that you think you could possibly either lose traction on the front tire or stoppie, then the system is probably working as designed, even if you have to squeeze the heck out of the lever. My ninja was that way with stock brakes. I thought they weren't that bad of brakes until I hit the track and got upgrade brake parts, and then if I ride another of the same bike with stock brakes, it feels literally scary how bad they are.
So take my recommendations with a grain of salt. If you can't stop the bike hard, then something is wrong. If it's just poor performance, could just be made that way and just be old. Decide for yourself what it is, hope this helps.
-Mike