Man does not live by one bike alone. If it is only 32 yrs. old, it is much younger than a few of my bikes. I have updated a few of my old bikes over the years. They are now 9 spd rear with 3 front. Your brakes look like they could use an update and if your crank is setup for something like a 42-52 for the old 14-28 5 spd you can do a lot better. I have gotten some nice 94-58 cranks sets from ebay. I like big tires, but my touring bike currently has 700x32c Vittoria Randonneur Hyper tires, about as big as I can go. They ride well and seem pretty fast and they seem fine when I ride with 40 lbs of gear. If you want a new frame to take wider tires, no problem. Determine what you need and then shop places like Craig's List and ebay for hardware bargains. I just got a few Shimano RD M750 rear derailleurs inexpensively because I like them on my 9 spd setups. Just don't cheap out on the wheels. They can really make or break a trip.