I think I will keep the gears on for now. I have changed tires from 100x23c to 700x25c and will change the seat (likely black Brooks B17) and h-bars (maybe Nitto moustache). The current bars are way too narrow. I also see myself putting on a nice pair of full fenders (silver ESGE) and using this bike as my errand bike.

I hope it will be less theft prone since it is not very flashy and conspiciuous.

I'll post pics.