How much are you going to be riding? If you plan to bike a lot, then make the upgrades, you'll get a better riding experience. If it's just a couple times a summer, just put it back together and enjoy it as-is. If it were me I'd just put it back together and enjoy the ride, and if my wife wanted to ride more often I'd be on the look out for a lighter weight bike w/cro-mo tubes and alloy wheels.