I have a similar bike (Hewitt Alpine), and basically did what you're suggesting by blinging it up a couple of years ago. Went from 8 speed triple set up with Chrina rims, schmidt hub to compact + 10 speed top end kit with hope hubs/velocity A23's and using a hope vision vision 2 light. Was superb, wheels were the last things to be upgraded and definitely made the most difference, made the bike feel far more sprightly, made me want to ride that bit more 'enthusiastically' and basically increased the fun factor.
Life's too short to economise on a bike you'll be spending so much time with - I use the heavy winter fixed with dyno hub for the crappy weather mile eating for the 4-5 months when I can't be arsed to clean anything, but after that I like the fun factor being increased.
However, as a warning, this progressed to an even more fun carbon bling bike that I rewarded myself with after securing a permanent job for the first time in several years of uncertainty... so now I'll be the target of much piss taking as I audax on a cervelo
*Edit - I'm not sure that dropping the dynamo is necessary with the newer/posher/lighter dynamos but on my standard schimdt it was nice to be shot of the weight and (albeit minimal) drag.