I am interested in converting my commuting hybrid bicycle into an all-around riding / touring / gravel bike, or, the poor man's version of the Rivendell lifestyle.

Also, I have a question about how much bike frames differ across manufacturer lines or levels. The reason why I ask is that I have a relatively cheap bike, but Fuji has other similar but more expensive models in their line that usually only apparently differ in group sets, wheels, etc. This leads me to think about these options: going through the trouble of converting the bike I have; or going out to seek out an old frame and parts; or spending more on a new bike, or parts, etc.

My existing bike is not a great bike, but it already has some of the things I need. It's a 2011 Fuji Absolute 3.0 flat bar hybrid that I bought on sale for $350, usually cost around $500 at that time -- but it already has:

• a rack and fenders, plus could fit wide tires;
• it has V-brakes with good stopping power;
• already has a triple front crank
• has the right lengths top-tube, seat-tube, plus a rising top tube, for me to convert it to a drop bar off roader; and
• most importantly, I find the aluminum frame to be a fairly pleasant if slow ride.

Only thing not on this list that I'd like would be fittings for a front rack that could take panniers or more stuff for bike camping.

Things I could do for under $500, which is much cheaper than seeking out anything new (whether it is based on old or new parts):

• paint the frame (professionally or on my own)
• upgrade the drivetrain
• build particular wheels suited to my purposes

What do you think?