Yeah, if you are willing to spend $400 on upgrades I would just add a few hundred to that and find yourself a nice bike that will be lighter and offer better performance. It's not worth putting this much into an old bike when what your looking for is a lighter and faster bike which you can get for the price of upgrades. It also depends on what you plan on using it for, commuting, touring, racing? This will determine what your needs are. If you like the bike go for it. It's up to you.