roccobike

Spartan112, Given you have a defined budget, I think you need to decide between new/recent used or rebuild the Peugeot. Unless you get very lucky and find an exceptional buy on the yard sale circuit, you won't have the money to do either correctly. I love old bikes and have over a dozen road bikes from the late 60s to early 80s. But it takes quite a bit of money to upgrade an old frame to compete with a new bike not to mention the cost of a mechanic if you can't do the work yourself. IMHO, you shoud take pics of the Peugeot, post them on BF and share your situation with some knowledgable posters (like East Hill) over in the C&V forum. They can give you some idea about costs/estimates for rebuilding the old bike. It may be less expensive to buy new, and rebuild the Peugeot at a later date when your finances are different. You also need to define your expectations from the Peugeot. Are you going to ride in a club? Do you expect to ride in an A or B group?
I ask this because I thought I would just do a little road riding for fun and fitness. Then the road ride bug bit. Last Saturday I moved from the "C" group to the "B" group. If the bug bites you, the new bike may be a better choice. If you do go the new bike route, you can still rebuild the Peugeot at a later date.

Spartan112

I did post a few pics and the general concensus is it's worth the refurb. At this point I'm just looking to ride, as you say, for fun and fitness. Who knows, maybe the riding bug will bite, maybe not. If it does then I' be willing to justify the expense of a newer bike. I'll be taking it to my LBS tuesday, he said he'd give me a rundown of what should be done and how much it will cost. I am certainly able to take the bike apart and clean the parts, etc. to cut out some of the bench time. Thanks for the input.