Whilst the choice is yours ultimately, I'm not sure how you found fairings too much, you can order OEM quality and paint schemes online for less than $500 for the entire kit. The cafe racer really looks good though.
As for combining lights, there is a 2 lead connector going to each headlight 1 power + ground for highs and 1 power + ground for low, you need to combine high and low beam ground into 1 and then plug both high and low beam powers onto the 3 pins accordingly. HOWEVER if you only do this what will happen is (i assume the round headlight uses H4 bulb) both filaments will light up when you flip the switch and you DO NOT want that as the bulb will kill itself the very least, and melt the headlight at worst. However, this is a non issue if you use an LED headlight which I heavily recommend as I think they are better for visibility, look better with the aesthetics of the bike and also pull less power. Though the double power problem still stands which i'm not sure about I don't think this is an issue for LED headlights however if you know anything about electrical circuits what you want to do is create a 2 position switch from the High beam switch, this can be done by leading the power and ground cable into the left controls and attaching the power to the "no high beam" part of the switch. If i recall correctly there is nothing on that position by default and I do not know if it's just plastic or not. Doing so will cause the light to have 2 settings: High or Low instead of Low + Nothing or Low + High.
I wrote this answer pretty much from the spot, so if you want any clarification (assuming it's not done yet) let me know and if you can post specific pictures might be able to help more!