So many people want to convert an old road frame when it costs more than a new road frame. It would make sense if that person had a particular frame in mind due to ride characteristics or even a cool color or something but I do not think that is the case. I have an old road bike: it is flexy as hell and weighs a ton. On top of that, it has road dropouts and tons of chipped paint with surface rust. Sure it is sort of a classic lugged look but it is pretty unpleasant to ride compared to a modern road bike.
Would you strip down a 30 year old cheepo car to the chassis and build it back up with completely new parts? Same applies here. If it has some sort of history, do it. If it doesn't, don't do it.
Sorry guys, I had to vent.