I'll answer to the best of my ability, but keep in mind that I use my Izuna for silly gimmicky melee builds because I for some reason lost interest in her awhile ago.
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- parts to buy
Switch her arms, they don't have terribly useful stats. Lily Rain AM and Ace Braver AM are two fantastic go-to arms I use for airs. Maril March AM has superb stats, but looks ridiculous. Since she's M-size, you can also lop off arms from an L-size bot. I don't know much about L-size bots, but Tengu AM is definitely a great choice.
Legs are fine as is, but if you don't like the wisps or the absurd 140 cost of them, there are other great options. Seraph LG has similar (better?) stats for half the cost, and Crimrose LG is even lower cost, but slightly lower stats as well. If you want HP, Baltheon LG, Snailbot LG, and Big Mountaiz LG all give massive boosts at or near +90 HP, while having great stat boosts and lowish costs as well. Alternately, you can use Lazflamme or Thoarla LGs, which will give you a second BS slot.
BS should be either Vulture/Snow Vulture BS, Tengu BS, or Sword Wing BS. Ace Braver BS can work too if you find a 3-slot and plan to tune it.
EDIT: Speaking of Tengu BS, other Stovl boosters like Brickgale BS and (to a much lesser extent) Butterflea BS also apply. These aren't a necessity for Izuna since she has her internal vanish jump to do the same thing, but having a BS that can do the same thing is helpful in case one runs out of ammo.
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- bits to use
Slayer Bit, hands down. It's got good range and tracking, and allows you to take on arts. Dual Laser/Beam/Blaster bits are also good choices if you intend to focus on wiping out land units. Propeller bits drastically increase flight time, which is amazingly useful, but you have to manually farm them at arcantus. Sword bits are another option, but they're pretty much just weaker slayer bits.
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- weapons
Costlier weapons would consist of Plasma Gun, Limited Plasma Gun, Beam Machinegun, Tesladonna AM (not recommended unless you can aim lasers well), blasters, custom shotguns, and Negatron Rifle. Cheaper weapons would be Beam Gun Mod, Wide Beam Gun, Handy Laser, Particle Gun, and Mini Bazooka. I highly recommend a mini bazooka, they do great damage and are extremely effective for air-to-air combat.
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- cartridges
Unfortunately for people trying to make a build, Izuna has lots of good carts, which forces
decision making. Quick jump is a necessity; beam guard, stealth system/sniper scope, and possibly melee guard are highly recommended. Quick Boost, Quick Land, and Float Dash are useful, but not altogether necessary (I do recommend quick boost personally, but I've heard lots of people call it a waste of capacity). I'd say to shoot for 5-6 capacity upgrades, and fill in the rest with the above.
Hope that helps.