I've got an '87 ST400 in the stand myself right now. The catalog shows two colors, white and 'banana'. I've got the 'banana' with red decals, 100% original. I plan to upgrade the drivetrain in the future but for now it'll remain mostly original. I did however order a new 7 speed Shimano freewheel to replace the shot 6 speed SunTour. I've got indexed 7 speed downtube shifters to go with the new freewheel. Also have new chain, cables/housing, bar wrap, tires, tubes, and brake pads ready to install also.
I haven't ridden it yet but when I sat on it I smiled because the fit is near perfect. And with those long chain stays I think I'm going to like the way it rides. I already have plenty of 'race' bikes. So I'm thinking 'yeah', it'll be worth upgrading.
~kn