I had on order a new "Kalloy" 28.6 x 400 mm seat post which arrived today. Originally, this seat post was intended for my Qile Duo VSTII folder. However since the seat post on the Flying Pigeon was a little too short for me, I decided instead to install it on that bike. In turn, the seat post that came with the FP, was perfect for my QD, since they are both the same diameter.
The new post added another 2 inches of height to the seat, which brought it up level with the handlebar.
I had posted in the first FP thread I started about the problem with the seat post sliding down into the frame gradually while riding the bike. Well chances are this might not happen anymore (I hope!), as the new seat post has a serrated finish to it. That means very fine grooves on the seat post's surface. This might be the solution to the aforementioned issue.
I really don't think I'm going to do a lot more to this bike other than buying some basic accessories such as a mirror, a cyclometer, and maybe even a rack bag.