Is that the original wheel set?
Is that 5 or 6 (or 7) speeds on the cassette/freewheel?
It looks like you have Deore XT derailleurs on there- those were the top of the line ATB/Touring units of their day. They're still REALLY good. Yours look really clean, from what I can see. I would not use any Arabesque parts on this bike- I personally think they look neat, but I think they do not work as well as Suntour parts from the same era. Additionally, Shimano stopped making the Arabesque parts through 1984- while I'm not exactly a hardline "period correct" sort of person- using the Arabesque parts would look incongruous on that bike. On top of that, that XT stuff was really really really good, and it looked tough, and it was tough.
Let us know how the Tektro 720s work on your bike. I've read different experiences - some say they work, some say they don't work.
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*Recipient of the 2006 Time Magazine "Person Of The Year" Award*
Commence to jigglin’ huh?!?!
"But hey, always love to hear from opinionated amateurs." -says some guy to Mr. Marshall.