I covered the plastic sheath with leather looks much nicer.
half the appeal of the mora classic range for me is the plainness. no frills just a good knife.
some folk strip the red paint off the handle but I figure if its good enough for Mors Kochanski its good enough for me
If you want to do something with it the best thing you can do to a mora is to keep it sharp.
It doesn't really need anything else.
Saying that. On all my moras ( I only have wooden handled ones) I like to sand the handle down to about 6000 grit, then give them a good splash of walnut oil leave it for a week and do it again. About 4/5 times.
On one of my carvers I've also stained the wood a rosewood colour.