I used to ride around Mayport and Charleston in the 80's. My friend had a Cannondale and I secretly drolled over (I had a plane jane nishiki). Today, I commute on a 87' Cannondale everyday. Get yours fixed up and start riding. I did put a 20.00 carbon fork off e-bay on it but it only helped the looks.
If you really feel the need to upgrade have at it, but you will not notice much difference between the old and new. I also have a new road bike to make that comparison, but thats just me.
GO NAVY!