I've gone and done it. I'm the soon to be proud owner of a 1996 Suzuki GS500E. The bike is being delivered to my house in the next few days. I recently took the MSF course and can't wait to ride my own bike.
What I want to know is what next? What recommended adjustments do I need to make to the bike? Do I need to do anything? The bike has just been serviced at the local shop.

Welcome
Make sure your gear, is the first thing you invest in.
The concences is that the best upgrade for the buck is Proggressive springs ($50- $60) in the forks. That will keep the forks from bottoming out. Pablo, has a write up on his site on how to install them without changing the oil.
Also, it is cheap to upgrade the pilot and main in the carbs. See MikeT and JeffD.'s tutorials on the subject.

Welcome to the GS Home away from home!!!  

Ton of advise here...besides the pages that Pablo and others have search through the postings of the Forum for common upgrades, ideas, and good comedy.

Again, welcome!    

Immediately take it all apart. Get bigger pistons, valves and cams. Put it all back together with good forks, tires and wheels. Don't forget the shock and a desent pipe. Bring it to the track. It will be alot more fun than fighting traffic on Rt41.