Congratulations on acquiring a 50-year-old Peugeot, they are great riders, and I have built one myself this year. I would view it as a significant improvement that the steel rimmed wheels appear to have been replaced with aluminum and the derailleurs have been replaced with much more reliable Japanese equipment. I would look closely at the stem and you will probably want to replace it, as it appears to me to be one of the infamous French stems from that period that are prone to catastrophic failure (look us "suicide stem" for more background). Getting a replacement stem may be difficult, as the front fork steerer tube is the narrower French standard that most common stems will not fit. If you can go to a bike co-op you can try a few Japanese stems, and I have had pretty good luck with a couple dozen Japanese stems finding a few that will fit in a French fork.

Good luck,

-Will