Hey Everyone!
So I have a good opportunity to buy a 95' GS500 thats in solid condition, and for a good price. And it's legal!
This would be my first motorcycle, but I used to ride dirt bikes as a kid. 

Ideally, I've been searching for more of a "standard" motorcycle with a more upright riding position. Something exactly like the early 80's GS 500's
I was just curious what sort of mods could be done to give the bike that sort of look and feel. 

I was thinking raise the handle bars, maybe even totally different handle bars.  Different style seat and rear fender?

Is it even possible? What do you think?

Hey, check it out, I get to be the first to WELCOME you to the site! 
I just bought my first GS500 as well, though I've had many bikes over the years.

There are tons of things that can be done to a GS to make it more personal/comfortable for you.
From what I've read, the good starting points are:
- Go through the bike and make sure all the main systems are in working order. New fluids, check pads, etc..
- After you've confirmed that the bike is in good, safe running condition, look at upgrading the front forks. Better springs, heavier oil.
- Bar risers and/or a different bar will give the more upright feel you're looking for. Check the wiki, it has good info about risers and various bar types.
Mine has (I think) a Renthal motocross bar. I've yet to identify it, but it's gray wrinkle finish and has the brace bar across the middle.
- The seat from an '01+ can be fitted on a '95, but it's not a drop-in fitment. You'll have to mod the side panels at least, from what I recall. I'm sure someone who's done it will chime in here shortly.

Unlike most forums, this place has a great search feature. Try searching for the things you want to change, you'll find TONS of good info.