Thanks folks. Have decided to go for it. The base bike is a $100, 1991 Raleigh Traverse in good repair which is actually 7 x 3 http://www.mombat.org/Raleigh.htm . The Shimano group data is here http://datenbanken.freepage.de/traut/SHIMANO.html . It says the 1991 set used the CS-HG50 cassette and M400 group parts. Pretty basic and quite serviceable. The bike shows a tiny amount of rust staining but no serious damage anywhere. It was used as a daily commuter by a student at UNC-Chapel Hill and it stayed outside. Looks mostly ok, with tight BB and hubs and no bad "play" anywhere.

Nashbar has a nice quill stem adapter http://www.nashbar.com/bikes/Product...1_10000_202439 and euro/butterfly bars here http://www.nashbar.com/bikes/Product...1_10000_202446 . Question is whether to spring for new friction shifters because the originals look pretty ratty - what would you all recommend?

The wheels are true and look serviceable for short trips but as they are the originals, the question is whether to use as-is until it breaks and replace with new off the shelf wheels when the time comes or rebuild now (I don't know how to lace so I'd have to pay someone to do it). The tires are shot so was thinking of putting in a pair of Continental Touring Plus 26 x 1.75 ($40 each). I am donating a old pair of Eastpack panniers.

Need rear rack (for use without eyelets) and fender recommendations...