Fritz,
Don't listen to Dirtdrop. He's a . . . a . . . well, he's a Dirtdrop. That's it! That's what he is!!
Mimi (trusty '68 U08) has lots of new replacement components. Most were changed out after many miles of use and misuse. HOWEVER, the Simplex plastic rear derailer is still the original piece. It works fine and I have it currently shifting over a 7 speed rear set I concocted with a 31 tooth large cog. Seems to work fine.
Like someone else said earlier, ditch the plastic shift levers unless you are trying to keep your bike original (for whatever reason on earth that would be your goal).
Ride it hard and long. You will grow to appreciate a pudgy entry level Peugeot.
Tyson
Cushing, Oklahoma