Thanks to everyone for the fine ideas and tips.

RetroGrouch:
"Most modern brakes have flush mount nuts. If you buy one with that design, you'll have to drill out the REAR brake mounting hole on your fork."

Can you elaborate on this or link a pic?
My forks appear to have a hole drilled through the rear of them that's threaded, which the brake callipers' mounting screw is inserted?
(Btw, I wasn't intending to replace the rear brake callipers ... at present the cable is broken and I haven't used the rear brakes in quite some time. While I'm doing this upgrade I'll re-cable the rear brakes as well. Are the rear brakes all that necessary to warrant a calliper upgrade?
PS: I want to the bike to function satisfactorily and to look OK ... but too not look too good. This is Brooklyn and unfortunately anything that looks rather nice can risk being stolen. LOL, recently a bike shop mechanic says he's been powdering his bike with cinnamon to make it appear rusty.


Any ideas on a source for replacement stem to reduce the reach?

Here are the measurements of the original French stem:
Stem OD = 22 mm (actual measurement is 21.996mm/ 0.866")
Stem reach/extension (both measurements are the same as stem is parallel to the ground) = 4"
Stem length = not sure, however 3.5" shows above the stem locknut
Stem angle (angle 'B' in below diagram) = 70 degrees
Handlebar OD = 25.4 mm (.928")



I want to reduce the reach as much as possible, are there negative consequences to that? If for example I obtain a stem that reduces the 4" reach to a 1.5"-2" reach, in addition to bringing the bars closer to me will it negatively impact the leverage/geometry of handling?