Sweet frame in my wife's size.

I like both your ideas. Mafacs are fine brakes. Universals look nice, but I have not had great success in setting them up to give me the stopping power I'd like to have. Either of those sets of derailleurs would be excellent choices, imo. I'd use the Cyclones if the gear range is less extreme - the Vx-GT if you decide on wide-range gearing.