If you dont have pipes start there, biggest bang for the buck. So, I would upgrade in this order when you can afford it. Pipes + K&N PODS + Jet Kit, Vforce reed valves, Mill the head ~0.30 (don't go over 0.40 with out rechambering), get an adjustable timing plate (rickystator.com $35 or ebay), mod shift star + shiftpro, (starts getting spendy now) get a port either mild, dune, race, or drag ( Its all personal preference/experience, on that note I ran a mild for 2 years before going bigger, and it is a good transition when you decide to step it up), the list is kinda endless from here.
Now with that being said on to the suspension. Obviously, you realize that the design of a stock banshee suspension is slightly dated (geometry, travel, and non adjustable shocks(front)). I'm still running my stock shocks (no budget for elka's ) and they are "alright". A-arms are a very nice additon, longer swingarm (personal preference here), and wider axle.
So, its all about how much you want to spend. A little here and there spread over time and you will have what you need. Although, if all you want to do is beat a little yfz 450. I say pipes, k&n's, mill head, v-force reed, spend the time to jet the bike (170-190mains, 27.5-30pilots, stock or aftermarket needles center clip, airscrews about 1.5-2 turns out). If you do this you will not have a problem with that 4 choker, atleast until he starts to do mods to beat you. Oh, sweet competion :beer: