tiny peugeot road bike -- a question of values
Hi, I'm looking for some perspective. I'm a small guy and I wanted a small beater road bike to do errands around town (every day) and to do the odd distance ride (50-60 miles/day, say once a month) with my sig. other. I had trouble finding a used bike that both fit me and I could afford, until I pounced on this bargain: a barely used but then nicely refurbed peugeot road bike (see pic). With a 17" frame and 24" wheels, it must have been a kid's model in the early 80's (a sticker says "103" tubing), but it fits me pretty good. Til now all I've changed is the pedals.
Now here's the question: should I give in to the temptation to beef up this cool little bike-- e.g. replace steel wheels with alloy -- or should I just leave it be itself? If I start changing stuff out, those distance rides will probably be easier, but then the bike will no longer be a bargain. It's currently heavy as a rock, but it's got its own kind of style. Your opinions welcome.
Chowderhead