Unless your rich or looking for a period correct restoration I'd just go with a nice cost effective mix. I would defintely add some modern wheels. You could even go 8 speed and add some Record Ergo brifters for a nice, nearly modern affair. However, if it were me I would stick with the Nouvo Record drivertrain and track down a nice Italian 5 speed straight block freewheel for a nice light round the town zippster. You'll want some modern rims for the wheels though... they're nice. If you change your mind you can forward the Colnago to me as I don't have one in the stable (yet).