OK, I am biased. I hate spending money (Scots DNA -- the stereotype is true in my case), and I love the look and feel of classic steel road bikes. I think you already have the suggestions you need right here in this thread: 1) replace the downtube shiftes with barcons; 2) get a close-reach, but tall, handlebar stem. You are the original owner of a 40-year-old bike -- don't let go of that.

What do I ride most of the time? Around the time we got married, almost 46 years ago, I bought a Peugeot UO-8 frame and built a custom road bike for my wife, one that fit our starving grad student budget and car-free lifestyle. Many years later she got too afraid to ride in traffic and started borrowing my mountain bike, so I built her a mountain bike and adapted the Peugeot to my own needs as a transportation beater -- drop bars, barcons, panniers, etc. The old rust bucket keeps running and puts a smile on my face every time I ride it, even though it is by far the lowliest and least valuable steed in my stable.