That's a great breakdown skyfish - thanks for sharing.
If you decide to swap out components, I'm looking for a set of folding pedals - maybe I can help you recover the cost of upgrades.
See this link for pics of the ones on the KHS:
http://www.halffg.pwp.blueyonder.co....oc/canada.html
BTW: 25lbs considering it has a steel seatpost isn't bad at all for a steel frame! It's a sharp looking bike and you know steel is going to last 50 years.
Cheers!
Chris