What you mean by inverted V-brakes? Do you mean cantilever brakes like this:
http://en.wikipedia.org/wiki/File:Cantilever_brake.JPG
Originally Posted by
ChowChow
I would get a 8-9 speed cassette, a 48/38/28 or better a 52/42/30 crank set, a 3x8-9 speed shifters and thinner tires like 25-28mm.
That bike doesn't run cassettes though and 8 speed freewheels aren't exactly common. Though if he changes the wheel then that will be easy.