if you stuck to around $2000, then possibly, but over that, I'd say definitely no.

Just ask Jock about value and race-worthiness -- he races on Asian alu Gitanes, and those frames would cost about 200 bucks!! You can get a new alu Gitane with full Shimano 105 for about $1400, and the group-set alone sells for $1,100!!

"Unfortunately", as the price goes up, the weight often goes down, as does, therefore, the durability... usually. Some of the super-light alu frames cost a bucket, but there's no way a 1200g alu frame will last 10 years if it's ridden 'properly'. Similar with steel (laugh all you want, Tigger ): the lighter steels cost more, but are wafer thin.