Measure the chain and see if it is stretched. Use a tape and from one pin to another should be 12". If it isn't stretched too much the FW should be fine. I would maybe replace the brake pads they are likely to be worn and dried out.
Unless something is broken I see no reason to start upgrading.
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“One morning you wake up, the girl is gone, the bikes are gone, all that's left behind is a pair of old tires and a tube of tubular glue, all squeezed out"
Sugar "Kane" Kowalczyk