Yeah, if it has a 1" headset it's definitely a steel frame, and IMO not worth the investment to convert it.
BTW, the bike may have been a ~$400 bike in its day, but '90s 6061/7005 aluminum bikes with 1 1/8" headsets are selling all the time for ~$100 or less.
Last edited by scyclops; 06-19-11 at 09:52 PM.