Hmm. First thing I notice is the lack of seatstay brace cable stop, the seatpost hanger is an inferior design, as is the cable stop though the stem.
V-brakes don't use cablestops, the cable ends @ the caliper\goes into a metal 'noodle'.
-but whatever, if it works for ya -keep it. The bike is worth more to a buyer with all original parts.
My bike is mostly new components, I ride an old chromoly frame as I like the frames feel. But I prefer rapidfire shifters\v-brakes.
A bike that 'feels' good is not so easy to come by. A bike like that, I would work on, I would stick 700 rims and drop bars, make it an XC bike.
It doesn't look tough enough to do much hard offroading, the frame maybe, but the component package would fall apart quick.
Also, the bikes OLD, the grease is old. the rolling ball systems might need re-packing with grease. Your bike has a loose ball bb, this can keep running if maintained.
New bb are not, they are replaced\tossed.
So IF you don't maintain it, you may brinell the races (scratch\pit) then you have to buy a cartridge one...every so often.
FS bikes..ones that are good are expensive, and fairly maintenance heavy.
Oh and heavy...30+. Not so fun climbing.
FS bikes are not designed as comfort bikes, they are ridden standing up mostly.
They are jump\downhill bikes, you might be more apt to like a HT bike with a quality suspension fork.
It takes a bit more tact to ride all mountain on a HT, but you can ride forever.
A sub 25 lb bike is WAY less taxing than a 30+ lb bike.
Why I mentioned lightness, my bike is around 22? lbs, mostly through modding. It really is a blast now, for my weight\this bike 22 is perfect.
Old chromoly bikes really don't need suspension, set up well, they can do most of what is enjoyable riding offroad. An aluminium rigid HT would ride like hell...unless Joe Breeze made it.
I actually ride 'offroad' on a '90 chromoly frame. The build list is pretty long.
If I say had to replace the frame with one thatrode
like this one..I'd be $crewd to the amount of..$800 US.
A good frame is hard to find, the bike in good condition might be worth something.
Maybe ebay would finance a new ride for you? Put a fat reserve on it.
I can't leave bikes alone 'Never really thought about upgrading' or riding it.
Poor old dear.
Is it the bike in the link?, do you have a pic? We like to see bike photos here.