I'm crazy, I really really am. Here's the new plan, after the ebay auction of the used alloy rims I was going to use went higher than I wanted to...

Going to pick up a brand new alloy wheelset (for like $15 more than the used would have run me) and going to fit a 11-28 7speed freewheel to it from Harris Cyclery. This will move me up to 14 speeds on the old Traveler, shifting with the new 105 RD should be a nice upgrade from the current Shimano 400. Perhaps now I'll run across a clamp on 7speed indexed shifter set... lol... someone stop me!

I really like the idea of the 11-28 speed for all around use and the price fits what I had planned to spend on the freewheel.