Got yourself into a nice bike. 1050 is one of my favorite groups. The D-ring on the shifter switches between index and friction modes. New chain, new tires, check the brake pads, re-pack BB, hubs, and headset, maybe a cable or two and you're good to go.
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You know it's going to be a good day when the stem and seatpost come right out.
(looking for a picture and not seeing it? Thank the Photobucket fiasco.PM me and I'll link it up.)