I just sold a 1972 Puegeot PX 10 that had been raced hard and had also been used for several loaded multi-week tours. In the 70's they actually had fender eyelets on most of the dropouts that were put on competition bikes. It made installing a rack relatively easy. Switched the sew-up wheels for a set of clinchers and it turned into a 20 pound touring bike. It was still in great condition, and I got more than I had originally paid for it in 1973. It had been ridden regularly until about 10 years ago.
Good steel frames are amazingly durable. Like most of the folks said-- If you are comfortable with it go with it.
However, I can't say much for the 52/45 crankset, and the 14-24 freewheel combination
circa 1976
