Glad to have been helpful.
You could do higher-end Shimano groups on the Traveler, and I agree it would be fun, and I also agree it's way, way nicer stuff than the frame is worth. Of course, I have 105 and 600 (predecessor to Ultegra) stuff on mine, but those parts are from the 1980's.
You'd need a "claw" hanger to screw the rear derailer into.
You'd need to mess around with front-derailer cable routing because the Traveler frame is designed for an FD which has cable housing run into it. Or you could do what I did - stick with the original FD, which shifting over a nicer crankset (this will probably work fine with a double crank with STI shifters, probably not with a triple crank and STI shifters).
You'll probably need to keep the current Dia-Compe centerpull brakes. Even "standard"-reach brakes (47-57mm reach) likely won't be enough reach to get to the rims. And certainly won't be if you use 700c wheels with modern 8/9/10-speed-compatible rear hub (for which you'd need to spread the frame).
On my commuting bike (1978 Le Tour III, same frame as 1980 Traveler) I built up a wheel with 128mm-spaced 7-speed cassette hub.
Anyway, the centerpull brakes are a good design with excellent braking power, especially if you give them new pads.
Last edited by TallRider; 05-21-07 at 08:51 AM.