I got a '95 Ibis on craigslist and turned it into a travel bike that is intended to be ridden on gravel. It now has a new headset and a Rodriguez fork. I went with FSA Wing pro handlebars and Terry saddles (with the obligatory thud buster and a Rodriguez stoker stem.) I kept the vintage Specialized cranks and chain rings but on the new wheel set (White Industries Daisy hubs with Velocity rims) I went with an 11-34 cassette. It now has Phil Wood bottom brackets and a Bushnell eccentric. And of course it has S&S couplers and a new paint job. (I should also point out the Maddox drum brake installed on the back...)
We took it out for the traditional bike season opener here in Seattle - the Chilly Hilly ride on Bainbridge Island. We did 40 miles with maybe 2,600 feet of elevation gain, got rained on, and the bike performed very well.
I could have bought a nice new bike for what I spent to do this, but I really like the way this thing rides, I like the idea of keeping some steel out of the landfill, and that single event tells me that this frame is going to attract some attention.
I needed a longer steerer tube and the guys at Rodriguez wouldn't weld an extension onto the Ibis fork! Seriously, I wanted different handlebars and mid-fork braze-ons for a front rack and a longer stem so a threadless setup gave me more options. The Ibis frame came with a 1 1/8" quill stem, so moving to 1 1/8" threadless was just a matter of a new headset (and a new fork.)