I'm no 'veteran', being reasonably new at this myself, but I'd say brockd15 gives some sound advice. Frustrated having no luck finding a complete bike to my liking, my most recent acquisition (and, for about 2 more days, my only bike) was frame-only at first and I had little choice but to sink a good chunk of change into it. Thankfully, it worked out very well for me - I love the bike. But if what I had to start with was already rolling in a satisfactory way, I must say that I'd be inclined, as brockd15 suggests, to first upgrade components that can easily be moved over if something else catches your eye. Saddle and pedals, for example, are easy to port over (and are a matter of personal preference that can really affect your comfort level), and bartape is just a must (and only like $8)...but I don't know that I'd rush to change the crankset, for example, if the one that's on there is perfectly functional. Similarly, the paint job - especially the paint job - might wait until you're pretty sure this is the bike for you. You can put the Univega into service as your commuter in the meantime and decide on some of those other possible upgrades on the basis of just how attached you get, and what deals come along on some of those parts you'd like to switch out...