Classic & Vintage - '86 trek 400d build (pics)

I've been watching C-List like a hawk for the past few weeks trying to find an old trek to build. I really wanted a smooth commuter that could do light overnighters, take a rack and fenders with at least 700x28 tires. I live just out of Seattle, so the market is super hot and several hundred bikes get listed each day. Spotted this one as soon as it popped up and dialed the number in the add without hesitation and was surprised to be the first caller(getting a good deal on a bike is like winning concert tickets around here). It was completely original except for the missing front wheel, was mounted to a trainer(which I'll flip for what I paid for the whole package) and the guy selling it said it had never even been ridden outside(upon further inspection there is some brake wear on the rear wheel that would speak otherwise). I happily handed him the $100 he was asking and loaded it up. This is how it sits after attaching a front wheel. The paint is beautiful, with 5 or 6 small nicks and some rash on one of the rear stays, no rust or corrosion on anything!
I'd like to do a modern build on this with brifters and a triple, and I think black stem/bars/seatpost/rims/cranks would look hot on this one.
My only concern is weather I'll be able to run fenders with the 28's, it looks like a tight fit. Anyone have any experience? Also, since I'll be stripping most of the OG components, does anyone want 'em? Open to trades.

What do you all think?

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I had a 1980 Trek 400 that I loved it was a great riding bike. I payed a hundred just for the frame and fork on Ebay, got a little caught up in the moment I guess. I'ld go to the vintage trek website, http://www.vintage-trek.com/ you can find out lots with the serial number, where and when it was made, stays and fork material, etc.

beautiful bike. I'd keep the friction shifters

beautiful bike. I'd keep the friction shifters

They're indexed... Been to the vintige-trek site many times.., even printed out the brochure and spec/geo page for this bike!

Very nice bike. I have a 1987 model. I put 32 mm tires on it but won't be able to run fenders so it will be a fair weather ride for me. I like it alot.

Maureen

Be careful about those bikes that have been ridden indoors. They get off easy in the braking dept, but dripping sweat can cause some rust. I bought a '82 Trek 614 that looks super clean, except that there's rust bubbling just above the bottom cup of the headset, and just around, behind the chainstay bridge, of all places. I've seen other trainer bikes for sale on the 'Bay that had much worse rust.

Yours may have escaped, it looks like a really sweet frame. There's a red one that parks outside the Starbuck's I frequent, and I look at it every time I walk out sipping my java.

As for updates, this is what I'd do:

Update the brakes to something Aero (upper level Tektros are nice and reasonable); this will get some of the cabling out of the way in front.
Get some indexed Shimano Thumbshifters and run your cables under the bar wrap. The only problem with this is the current shifter bosses are lugged right on the frame... Urgh... so it might be better to keep them and learn to reach down to shift.
I don't see fenders fitting in there... now if you built the wheels up as 650B's, put on some Col de Vies... plenty of room for fenders... whoo hoo! (sorry, I'm getting carried away)