I like the Peugeot (and the other looks fine too). I restored one recently, and yours looks like it's in far better condition than mine was. Mine came with drop bars also. These are inexpensive North Road style from the LBS, $15 or so. Everything else is original equipment, except tires, which are Pasela TG, grips (ATI) and that gorgeous B67 (tag still dangling). Oh yeah, there's that MOMA basket, added by the new owner.
Btw, whatever the frame is made of works fine, and is not that heavy. You can tell if you strip the frame like I did. The steel wheels aren't too heavy either, relative to alloy. There may be some disagreement here, but I had planned to swap to 700c alloy wheels, and holding one of each in my hands (and swapping), I couldn't tell any noticeable difference, so I rebuilt the original wheels. They spin very smoothly when repacked. I was surprised.
