I had a 720 and it was a decent rider. I really enjoyed it. 4130 tig welded double butted frame as I recall. Pretty light for a hybrid.

Mine was a 91 I think and it had suntour index shifters that were JUNK. Be glad yours has the Altus. The bike is pretty close to a touring Geometry. Those will convert to drop bar without much fuss. The older ones came with touring forks complete with mid fork brazeon.

I'd keep the rack. Damn handy on a commuter. Slap some Freddy fenders on it get a cheap trunk bag and ride the hell out of it!