Dude... that Schwinn... that blue... the lettering.... the orange housing... like a Porsche 917... it's perfect. (OK, it won't get you 230 mph down the Mulsanne, but whatever.)
Go 700c. Because 27" tires mostly suck, and even the ones that don't suck aren't awesome, and that bike needs some great shoes. If I'm spending your money, I'm putting on the widest Rene Herses that'll fit.
I. Love. This. Bicycle.
--Shannon