We had a couple of 1994 Schwinn Crosscut hybrids. My wife's had a 16" frame and 26" wheels. I did convert it into a gravel bike a while back. It is a 4130 steel frame which isn't really that light. My wife is 5'4" and still has the seat post up a bit.
I changed the handlebars to drops and changed the shifters to MicroShift brifters and added interrupter levers.
My wife isn't riding this one anymore, she wanted a lighter gravel bike.