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I also have a '80 FLT --- mine does not have the fairing or the tour pack , it is also black and has the same saddle bag guards and turn signals , I lowered the amber rear T/S and put in it's place read lamps of the same style for additional brake lights , I get many great comments on that
The '80 FLT was the 1st year for FLT and the 80" and 5spd , it had a frame of it's own and around '86 or so the FLH 's frame was replaced by the FLT's
I lowered mine 1" and in the seat also so I could handle it better , I replaced the handle bars with a Buckhorn set like on a '81 Sportster as I also have 1 of those and love them , the original bars made me set to far forward like " beach bars " , I also put on a Police style windshield , I took off the H-D emblems and have many people want to know what model of bike it is
As far as your brakes go ---- change your brake hoses , as I had the Lt side go bad on the inside , IF you can find kits to rebuild the front calipers -- good luck as there were 3 different calipers used on the '80 FLT , I did reuse the old seal and boot over with no problems
The trans -- 1st year on the 5spd H-D left off a "VENT " so you know that is one of the "all Harley's leak " syndrone , the fix is get a big fiber washer for under the trans dipstick and cut out appox 1/8 " to allow pressure to go out through threads

As I have hear of many others say they would not take a Shovel Head very far , I have gone on many long trips and will not hesitate on any others and keep up with my nephews 2013 Road Glide

 

Very nice bike. Good luck with it. BTW, if that's an original #1 points cover those are getting to be fairly pricey items these days.