Whatever you do don't tie the stuff out of sight with electric tape or glue it with silicone and make sure that parts that need air movement around them for cooling aren't relocated to somewhere where they can overheat.
Keeping in mind that it is a legal requirement for vehicles to retain all lighting functions that they came from the factory with and that things like the ignition really do need all those wires in order to work, about the only thing you can actually eliminate is the parking light circuit (needed in the UK and a few other parts of the world where lights are required if parking on unlit roads but not here).
Re LED signals: Many of us have changed to ones that won't make the original flasher work. You just change to an LED compatible flasher unit.
BTW: Welcome to the forum. Please add your location to your profile and your bike's model and model year to your signature so that you don't have to remember to tell us every time and we don't have to keep asking when you forget (see Forum Settings link in my signature).
(Dolysprint: This ^ means you too but make sure you add the actual model year, NOT year first registered as your UK paperwork will indicate)
And welcome to the world of antique vehicle ownership (they own us, not the other way around). Your bike is about 4 decades old and the Previous Owners may or may not have done the maintenance necessary to keep it safe & reliable so before even considering any modifications it is highly recommended to download the Factory Shop Manual for your model (available through the CX Wiki - link in my signature) and go through all of the service procedures, regardless of whether your bike has reached the specified mileage.
I also recommend looking on all rubber parts with suspicion because rubber does not age gracefully. Check the date codes on your tires and replace them if they are over 5 years old no matter how good they look & feel because old rubber simply cannot flow around the irregularities in the asphalt well enough to grip, especially if it is cool or wet. If your bike still has the original rubber brake line(s) (should be replaced every 2 or 3 fluid changes = 5 or 6 years) I recommend shopping for modern stainless braided ones (they last practically forever and double the life of the fluid).
The best advice anyone can give you about customizing any vehicle is to get it safe & reliable in more or less original condition and use it for a while before you start making any changes so it can tell you what changes it needs to make it do what you want/need better. That approach almost always results in something you actually want to keep and use but making changes based on style or on what someone else (who may or may not really understand how the changes affect the way it works) has done often results in a piece of expensive yard art that you can't stand sitting on for more than a few minutes and might even be dangerous.
