Another vote for a full parts swap. It's all there, so it will take no extra money to get that Waterford built. The components are freaking 6400-era Shimano 600 in 8-speed STI shifter form--that is a GREAT groupset! Campagnolo is not necessary unless you are 1) a fan of it 2) want to deal with even worse pricing/condition ratios while having a tough time finding a full group and wheels. Plenty of Paramounts in the Waterford era have been equipped with 6400-era 600 and have served their owners well. As much as it'd be neat to have 7400-era Dura-Ace on it, it's unnecessary. I actually prefer the STI lever paint/coloring of the 600 over the Dura-Ace. The rest of the 600 groupset has always looked quite nice, so there's nothing to lose.

The 600 groupset will look really good on that lovely white paint, and the matching dark grey rims with tan wall tires will set that thing off--you'll be floored with how good it will look. Purple is cool, but the white will look immensely better with those 600 parts.