Thanks so much for all the info.

I figured I would keep the brakes and add some koolstops, as they seem in pretty good shape. I'll probably get my LBS to check out the headset, hoping it just needs repacked.

Didn't get a chance to check the stock distance between the chainstay and the inner chainring this weekend, will check that out tonight. Already on the lookout for a new Crank.

You know it's weird I took off the wheels and they weren't that heavy, so I am not sure whether they are the original steel rims. Having said that my LBS said they could thread new 700c rims to the original hubs, so I'll probably get them to do that. The brake levers look like they could cope with the slight change in size and it would give me more tire options.