Definitely priced accurately for what it is, a Terry-designed Ironman Expert, 105 components, with the 24" (actually, "520") front wheel. Here's a link to that thread: http://www.bikeforums.net/showthread...ighlight=Terry
and search "Terry" on www.sheldonbrown.com
As above, the front wheel accommodated a low standover, and a 47cm frame on that design is a small one, indeed. With a 700c wheel, the smaller person has no problem keeping up, and can ride a competitive, small-framed quality bike. Many of those bikes also had 165mm crank arms, and all that I've seen had mid-level to higher components (mine had Cyclone 5000, the Ironman had 105, others were at least that level).
You equip that thing with STI's and modify the rear wheel to an 8/9/10 freehub, you've got a $500-$600 bike. Shorter riders can simply not find quality, light race bikes in that size
for that price. Not here, anyway.
You shouldn't change the Frisbee.
1985 Raleigh Racing USA - Coleman's Competition
1984/85 Klein Performance
1988 Centurion Dave Scott Ironman Master
1989 Centurion Dave Scott Ironman Expert
1989 Centurion Carbon R