Thanks for the comments. This bike has morphed a bit since these photos were taken. it is now sporting 650b wheels and shimano brakes. The old Hayes setup is clean looking, but keeping those brakes dialed in was a pain. I found a few shimano calipers that fit in the limited area while using the a2z adapter. I’ll post some updated pics when i get a chance.
the rear shock should be salvageable, it probably just needs new seals. Cane Creek does still make a shock that fits these frames, but it doesn’t fall into the “really cheap” category. they will build you a cloud nine shock to fit for $349. they also have a nifty upgrade program where they will knock $100 off the price if you trade in an old shock (any manufacturer) when you buy a new one.
here is a link to one currently for sale on ebay… they are pretty rare, so this is the usual price range.
another option is to watch ebay for the old hayes 22mm calipers to show up. I have managed to grab one for each of my frames. they work fine and give you a nice clean look.