Originally Posted by
4Rings6Stars
I will be the dissenter...
You don't
need to spend the money and you don't need new stuff...but new parts/bikes are fun!
You're on the right track. If you like the frame and and it is comfortable, don't worry too much about the weight and spend a few bucks making it better. I would start with the necessary repairs then invest in new wheels and improving your contact points. Good tires, saddle, and pedals...etc.
Then Campy 10 speed

you are right about new stuff being fun...but that can lead to trouble with me.
The more I think about my bike, the more I realize I like it. The saddle is super comfy to me ('70s Brooks Pro). The tires (Avocet) are in great condition (and super light), but when they need replacing...the wheels will get upgraded also. What I am gonna focus on right now is pedals / shoes / seat bag (and tools) and a new bottom bracket.
everything but the cranks are Shimano 600 Arabesque (cranks are Specialized).