I am about to do the same thing with a 1987 Centurion Le Mans that I just scooped up on E-bay. And yes, I am using a donor bike for the parts. I am a little worried about compatibility with my build as well, but it seems that if the wheels are 700c and the spacing isn't too far off you should be in good shape. I got some great advice when I asked similar questions the other day here.

I wouldn't go that much on wheels and then skimp on the brake levers/shifter like that. You say you're not racing so you can get a decent wheelset for under $200 such as these. They're not the bee knees, but I have a set and I love them. I agree that your best bet is to get a donor bike. At bikesdirect (or others like the bikes mentioned above by pastor bob) you could get decent components on an assembled bike for $500-$600... talking SRAM Apex or Shimano Tiagra. With that all you would need is some cables and cable stops if your Paramount has braze-ons for downtube shifters.

Please post pics when you're done with your build. I will do the same!