I would go at it this way. If your peugeot has all of it's parts on it, I would tear it apart relube it adjust it, put on new bits as needed. Then I would ride it. If you personally like it, then upgrade rims or brakes or what ever. If you don't like it then all you have invested is some time, grease, and a few bucks in bits. Sell it and look for something different.