I really want to see pics, sounds interesting even if it is considered throwing good money after bad. I guess most of the expensive components, you could keep and move to a better frame if you ever decided to. Just don't spend any money repairing or getting custom paint/powder coat done on the frame itself.
I'm assuming that you have replaced the low quality original external parts like the front/rear derailleurs, the brake, etc. If you did, then you are pretty much all set to move to a much nicer frame that is your size someday if the opportunity presents itself so its not really wasting your money, its just waiting for a better frame to pop up someday.
I worked on someone's Huffy Aerowind a few months ago at my co-op and the drivetrain components and brakes were very low quality/heavy/hard to adjust. The brakes in particular were bad, they were these weird aero-cam pull brakes.
I have often wondered if you replaced all the external heavy components on an old Huffy dept store bike how it would ride. Not much different than a heavy Varsity with updated components I guess.