Had the first test y'day, and couple of things is apparent.

1. The inside of the crank arm touches the chain when chain is on the smallest cog. So I will need a new crank, as it seems to me, a novice, the SR crank is not suitable for an 8 speed configuration.

2. The rims of the wheelset is totally worn out. I've seen and felt that the braking area is pretty rugged, to say the least, but didn't realise the braking would be as bad as it is until I tried the bike.
I could adjust the position of the brake pads to see if I can optimize the braking, but how much better it will be is not easy to say. Not much probably.
So I will need a new set of 8 speed wheels. Anyone got a set laying around you don't need anymore?