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Great deal on a 2003 PW50 - but not sure what all needs changed

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59123d836a384_2017-05-0519_59_53.jpg.7cb23e8a47965e0931ac5bffa99da425.jpgHi,

Been searching for a place where people know their stuff about the PW50 and came across this forum.
I personally haven't rode since the late 90s and repairing a bike is something I've never done, but I have tools and if there are parts available and instructions I think I can follow along.

Wanting to get my son interested in dirt bikes, so for his 7th birthday next month I plan to have this 2003 PW50 fixed up for him ready to learn on.
I just picked this up over the weekend for $250 and it hauled me (220lbs) up and down the sidewalk pretty fast.  Then I parked it and intend to fully service the bike (wash, oil change, air filter change).  It started right up from cold, so I'm actually thinking the 2stroke oil and fuel might be just fine?

Bike starts first kick every time (better than the PW50 I first learned on), but there are some parts missing.
Questions:
1 - stock air filter is gone, instead is a cylinder shaped air filter.  

Anyone recognize this filter type and maybe recommend a brand?  Are these better than stock even though the filter isn't protected from the elements as well?
     So do I 
     A - keep using cylinder shaped air filters since the bike seems to run good this way?  If so, what is the replacement size for this and where can I buy them?
     or
     B - Buy an after market replacement air filter box and buy a factory equivalent flat filter like the ones Twin Air makes?  Do not know if this will change how the bike runs.

59123f5b0c59a_2017-05-0520_10_48.jpg.68826ec265931345f53c84c358f1556d.jpg

2 - the stock exhaust pipe is attached (maybe missing a gasket since looks like buildup where attaches), but no silencer?
     So do I
     A - install a factory silencer?  Will this affect the jetting or how the bike is currently operating?  I have no clue at this point what if any engine mods were made.
     or
     B - install something like a FMF since the bike already is using a different air filter?  Once again do not know if this will mean needing to change jetting (something I've never done and never tried reading spark plugs for lean/rich before).

5912407f3c568_2017-05-0520_13_47.thumb.jpg.8077d6abbb6d49adb19f88763d4a7831.jpg

5912409eb29b2_2017-05-0520_15_16.jpg.0cc61ca9c93c8a5f39ccf7491ef7942e.jpg

3 - On the picture above the bike has 2 different rear shocks for some reason?  And the frame is lower than the rear fender for some reason?
I'm considering replacing both rear shocks by buying a pair from pwonly.com  (not sure why there is also a .net version?)
     So do I 
     A - buy replacements and change both?
     or 
     B - other thoughts?  Not sure how to tell the condition of the shocks other than they are different colors and look different under those springs.

4 - on the pictures below the bike has 1 bolt that has no head on it.  I'm referring to the bolt left of the drain bolt.
 Is there a bolt suppose to go there, or is that suppose to remain open?  The hole above it is open?
 So
     A - Leave it as it is?
     or
     B - Remove it and leave it open?
I'm not sure the purpose of this hole location.  Also directly above it there is another opening with no bolt in place?

5912412d436bb_2017-05-0520_13_24.jpg.890ed79ea939e40e5d5bbce46f97bb00.jpg

5912428822bb5_2017-05-0520_22_08.jpg.ceb06262071a530a617e9d81b012a7de.jpg

5 - One possibly major problem is the back tire wobbles side to side when the tire spins.  I'm not sure if this is rim related (maybe the black rims are PWonly cheap after market?) or if this could be bad wheel bearings?

I took a short video of the back tire wobble.  
Which do you think will fix it?
A - new back tire rim
or 
B - new wheel bearings
or 
C - something I haven't considered?

https://www.dropbox.com/sc/9h02c1ky4ouq6cb/AADGqAYinj21HizdffDNCXCQa

 
I'm ordering an Ebay factory manual and looking at the service manuals at PWonly for possible reference guides.
Thank you for all your help.

Clint

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