I recently picked up a Trek 730 (I think) with 700c 36 spoke wheels and cantilever brakes for $50. The plan was to use the bike as a donor (the wheels on a touring bike project, and other bits would go in the bins for future projects) but just looking at the bike, which is in really good shape, it looks like it could be worthwhile in its own right. My only problem is that I've already got more bikes than I've got space....
If it is the early 90's with luggs, it has the same geometry as the beloved 520 tourin bike, but built with MTB tubing. I had a 750 that I converted to Rando bars and bar end shifters it was a nice ride.
On another note, I too have become appriciative of hybrids. My current commuter is a Giant Option, that I am setting up with three different wheel sets, for three diffent tires : Slicks, Medium, knobbies.
Good looking Shwinn Btw