Mil, you can generally find out if there's asbestos from a quick peak in the attic and basement. As long as it's not vermiculite or other types that can become airborne, and it's not fissured, it's not a big deal.
Any house built before the 70s or so is going to have lead paint. Those were the only houses available in many communities when I lived on the east coast. Again, if it's not chipping, paint over it and call it a day.
Otherwise, a decent inspector is going to find foundation problems, termites, knob and tube, etc.
I bought a 50s bungalow in the Hartford area and had mondo utilities payments right away. I ended up air sealing, putting another foot of insulation in the attic and covering the windows with cellophane in the winter along with turning down the thermostat. We ended up saving about half on our utility bill.
When it comes to insulation you have to thing about your house as a giant chimney. Air gets sucked through cracks in doors, windows, sill plates and other holes and pulls the conditioned air up through the roof. So first, seal up the cracks, then insulate the ceiling. That takes care of the vast majority of insulation problems. Things like walls and fancy windows make up a much smaller percentage.