Originally Posted by
Nigeyy
I think the previous poster has the best idea -take it to a shop you trust and ask about what it will cost to change the gearing to ~20 inches keeping components as much as possible. I'd also ask for the prices on the options of changing the chainrings and a new crank and compare. Though I can't be 100% positive, I think it's likely that even if you go to the mtb crank or smaller chainrings, your front derailleur should be fine -but will require repositioning and re-tuning (again another nod to take it to your LBS -they'd probably include this in the price).
I think this is really good advice.
I like to save money, too, but you got a great used bike and part of owning/maintaining a rig like that is developing a good relationship on whatever LBS in your area is sensitive to the care and feeding of used bikes. It's worth something to you to figure out who/where that is.