One thing I would consider is if the bike or should I say FRAME is that old... make sure the frame is in good shape...as you said it was a racer? Find out if it was raced and if it was raced alot.

A racing frame will have more strain put on it (most of the time) and that should be a cause to worry about.

A friend of mine just bought a '98 Litespeed Titanium frame with '98 Dura for $2200. The guy who previously owned it raced the hell out of it. He said that he put on 35,000 miles....yes 35,000 and not 3500 miles. He asked me if he got a good deal on the bike, I told him that hopefully the frame is in good condition, but I seriously doubt it... too much strain and too many miles on the frame.

First off check the frame...then check to see if it fits.