We are not going to pay for the smoke alarms but will update some of the other wiring items. We want to install some more lights and switches which I have no experience in.
As for code in Nashville, we bought our house with all of these issues and no code upgrades were forced upon the previous home owners by the city. Our inspector told us about a lot of these issues and his other job was a fireman so he told us what to look our for in terms of code and possible fire hazards. He actually said we had more working smoke alarms than he usually see in houses he inspects.