low-budget performance passage-maker
Congratulations. The Peterson 34 is a reasonably nice boat for the Chesapeake although they can be a real bear downwind and require a very large variety in the headsail inventory. They are not very tollerant of the wrong jib being a little tender and yet needing huge headsails to sail in winds at the lighter end of things.
I heavy winds you somewhat steer these boats with the mainsheet (they want to wipe out pretty easily)and so you might want to keep the traveller adjustment within reach of the helmsman for cruising purposes.
Unless you planned to keep the boat for a long time I would suggest that you make very few expensive changes. These boats have a very limited market value and so it would be hard to get much of an additional investment back out of them.
All of that said, I basically like these boats and think they are usually represent a good boat for the dollar.