Originally Posted by
oldpedalpusher
Rebuilding an old bike can be a very good idea...
I didn't hesitate to pay top dollar ($600) for a 35 year old Raleigh, and simply replaced the wheels, tires, cranks, derailleurs, and brakes ($400).
A classic steel lugged Reynolds 531DB bike with all new components is a STEAL for a grand.
You could've bought a modern road bike that is about 30 times faster for that price that have brifters and 9/10 gears. Upgrading components in the fashion you suggest is almost never economical for a pickup bike like that.