Join Date: Aug 2006
Location: Los Angeles area
Bikes: Several bikes, Road, Mountain, Commute, etc.
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You have a problem in a very good way! Were it me, I'd take all the new bits of the '85 and install them onto your (correct size) frame all at once, then maybe ebay the 23" frame and fork.
I had a kinda-sorta similar situation, and I put the long seat post and stem on the bike, and rode if for awhile. It was fast and light, but not comfortable for long rides (which I do a lot), so I recently sold it to a young lady for whom it is a good fit. Of course, I had to put a different bar, stem and saddle on it for her, but it was the right thing to do.
You milage may vary, of course.
Rick / OCRR