Sort the suspension out and 100% yes.
So, I used to commute all year round on my 88 (between15-20 years ago now) and I'm going to say I wouldn't do the same again now. I'd take it occasionally when its nice but not day in, day out.
Yes they are lighter and quicker than the later 750 models, I've been on a trackday with a number of other VFRs and my 88 breezed past the RC36's on the straight. No difference with the 800 VTEC though, absolutely level pegging, maybe he had a tiny bit more right at the top but it was negligible.
It is however *still* heavy. 229Kg fully wet. I really feel it manoeuvring round the garage etc vs the other bikes.
Onto why not, firstly tyres. The older bikes have a 16/18 front in narrow sizes, while this makes them more nimble than the later bikes it means limited availability of decent tyres and they wear more rapidly. If you're commuting expect to get through a *LOT* of tyres.
Secondly, maintenance. They're meant to be serviced every ~3750miles. Earlier bikes need every 7.5k the following:
Valve clearances
Carb balancing
Spark plugs
Oil/Filter
Thirdly, spares. Routine parts are getting scarcer, when I ran mine you could still get pretty much everything from Honda but now you can't. While you can get parts it means many are aftermarket, no guarantee they're any good and for OEM parts no longer here in a day or two, you could potentially be off the road for some time while waiting for a mundane part.
Fourthly, fuel consumption. IMO they're pretty poor! I got roughly 34mpg at best and low 20's at worst. Other newer bikes I've ridden have been substantially better (I ran a TDM850 for a while to commute on, that got 45mpg! While nailing it everywhere...it was slow though)
Finally, corrosion. If it's a nice bike it's going to be scabby in no time if you're riding it through winter.
Here was mine mid winter!