Have bike, will travel
Join Date: Feb 2006
Location: Edwardsville, Illinois
Bikes: Colnago Nuova Mexico, Eddy Merckx Corsa Extra, Pinarello Gavia, Schwinn Paramount, Motobecane Grand Record, Peugeot PX10, Serotta Nova X, Simoncini Cyclocross Special, Origin8 monstercross, Pedal Force CG2 and CX2
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If the bike fits well and does all that you want it to do, the upgrade could be worthwhile.
However, the economics are not favorable. The restored and upgraded bike will not have the resale value of a newer bike. That is only an issue if you need or want to sell the bike during the next 5 years.
Upgrading does provide the opportunity to further improve a bike you already enjoy and find useful. Better wheels and drivetrain will make a large improvement.
The Axis should have Easton Aluminum frame tubing. I would inspect it very carefully for any damage or signs of fatigue. Aluminum can crack from fatigue, this often occurs near the bottom bracket or along the chainstays.
When I ride my bike I feel free and happy and strong. I'm liberated from the usual nonsense of day to day life. Solid, dependable, silent, my bike is my horse, my fighter jet, my island, my friend. Together we will conquer that hill and thereafter the world.