I agree on the wheels not a big fan of V rims they ride lousy
Almost nothing is worth going to the expense of repainting. If you have the skills and clean place the time to DIY it then that is your choice.
The bike in question is a bad candidate for Ergo/STI since it has a shifter mounted on the top of the down tube. you need to be creative and be willing to make do with a fix for a housing stop.
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“One morning you wake up, the girl is gone, the bikes are gone, all that's left behind is a pair of old tires and a tube of tubular glue, all squeezed out"
Sugar "Kane" Kowalczyk