Actually, it occurred to me to do the same thing when I saw those horizontal dropouts. But I had all the parts lying around to make it ridable as a 12 speed, so tonite I put her back together and started the long process of cleaning all the accumulated crud from the frame.
Your bike looks a lot better than anything I ever found at the Goodwill! I'm definitely going to stop by more often!
Cheers!
Motofan