Is it worth putting money into this car?

I'm 18 and I bought myself a '97 Pontiac Trans Am WS6. It's an awesome car, sure a lot of people said I overpaid and maybe i did a little. It's got well under 60xxx miles. I bought it for $10,500 CAD and it had close to 55xxx miles at the time. It's in no way in mint condition, but its in very good condition considering the year. I haven't done much to it yet besides new tires, which had to be done for a grand. There's a lot of things I would like to over haul on the car. The front bumper has to be replaced, I would like to put in a brand new sound system because the current one is shot. I would like to get the seats reholpostered. I want to buff out the car completely, get the wheels repainted. Is this just going to be a waste of money? Like my buddies want me to put the car in the car shows in town, will this stuff help to increase the value and should i hold onto this car or should i just keep driving it and don't do anything to it and save up for the viper?