Looks like it's already set up to be a good hill climber. Looks like it's got a triple Biopace chainring & a long cage rear derailleur. You could probably get a 7 speed 34 tooth extended range rear cog set to fit on that. I'd say a new rear cassette, chain, bar tape & brake pads + clean & repack the bearings and, that's ready to ride. If you really have that kind of long steep descent then, I'd definitely put some koolstop brake pads on it. Plus, you may want to take real close look at the tubes & tires. (You don't want a blow out when you're doing 35 - 40 mph downhill).