Thanks for all the great replies! I'm thinking I'll take you guys' advice and just scope for a old Reynolds frame. Any idea what I shoud expect to pay for one, preferably one that needed some work?
As far as components go, I was planning on Shimano 105 crankset, BB, derailleurs, and brake/shift combo deals, I'm pretty open about the saddle/seatpost, BBB handlebar, and I'm pretty undecided about wheels. I wanted to go 700c for sure and there is a set at a bike shop up the street that I was eyeing up, but I've put thought into some deep V rims too... I know most dont like them but I think they can be hot if you do the color scheme right. I'm for sure going to be looking for some NOS and really discounted new stuff, and I am not against going used on some things either.
The problem I have with a new bike is that the cheapest bike equipped with 105 stuff I've found so far is $1300, which is definately out of my price range. I haven't entirely priced it out yet, but I'm confident I can get an older bike equipped with 105 components for significantly less than that. Time is no issue, and I really enjoy wrenching on stuff. I also have my own standard tools available and place to use specialty tools for free.
I also should have been more clear about my racing intentions. I am a runner at heart, but a triathalon or two would be a nice, fun change of pace and I wouldnt be doing it with the intent of being real competitive. Also, the races I would do would probably be more called a "tour" by guys that know what they are talking about (not me
). For example, in Minneapolis there was like a 4 day 250 mile AIDS ride or something like that... thats the kind of thing I would do.