Probably. But I don't care. I love this bike. I'm thinking I can upgrade it fully to modern 9 or 10-speed rear cassette, new wheels and upgraded crank. The brakes are very good as-is, I don't have any plans to touch them other than possibly integrating with an all-in-one type shifter/brake setup versus the original setup with the brakes up top and shifters on the down tube.
The thing is pretty fast, granted it's not as light as some of the newer stuff, but I'm not one of those guys who counts every tenth of an ounce. Basically I'm looking to build a good solid road machine that I can ride the hell out of, enjoy and train hard on. I doubt I'll race on it, but I might just to see how I do. I figure at my level it's 99% about my conditioning and 1% about the equipment I'm on.
Any thoughts/guidance appreciated on types of derailleurs, wheels, etc. would be appreciated. Pics as this project gets rolling (no pun).