Welcome to the madness. It's a beautiful experience.
The color would be Verano. Very nice.
Generally, 2002s are awesome out the box.
Replace worn parts with stock items. 2002s are fantastic cars from the factory. The only imreal improvements you can make are in the suspension and tires, and that is due to newer technology.
Stick to the tried and true mods that have been used for decades and work well.
Suspension: Either stock springs, bilstein HD shocks, stock rubber bushings, stock sway bars. (Comfort)
Or: Stage 1 springs (H&R, ST, Eibach) Bilstein sport shocks, urethane bushings, and 22/19 sway bars. (Less comfort, more performance. Still very usable as a daily driver.)
Engine: Stock. Replace the carburetor with a 32-36 Weber if it has the stock Solex.
5-speed conversion. If you don't travel long distances, I would not do the conversion. But if you decide to do it, use someone with a reputation of successful installs. If not done right, it can cause all kinds of issues. And if you do the conversion, replace the rear diff from a 3.64 to a 3.91. Otherwise, you won't any performance. No need for a limited slip with a daily driver.
Brakes are awesome stock.
Stock wheels are 13 inch. You can get 13 inch alloys from an E21, either the turbines or the mesh wheels. Turbines are a dime a dozen and are actually pretty good. They are 1/2 inch wider than the stock steel wheels and can better accomodate a little wider tire. You can get decent tires in 185-70-13. There are a few 14 inch options (mostly from an E30) or you can even go to 15 inch. Just keep in mind that a wider tire increases steering effort especially in parking situation. And the bigger wheel gives you a shorter sidewall: better sterring response but less compliance.
Enjoy.