Poguemahone:
According to one of the builders at Trek during that particular era the high end
were still handmade (770, and 170 for sure).

SBW, welcome to Cranky&Vintage!

I think you'll find your "low end" (heavy sarcasm) Trek will ride better than most
entry to mid level Alu bikes currently being sold. Sure you won't have as many gears
but honestly, do you really need 20 gear combos on the road? Didn't think so.
If there's anything you need to know about your trek, and we can't answer it here
email Skip at Vintage Trek, he's a great guy.
T1 is True Temper Chrome Moly tubing (good stuff).
The serial number is on the top of the bottom bracket (forget which side) next to
the crank arms. if you can't make it out use paper and do a pencil rubbing, it should
lift the number right off. If you get the Number let me know, I can help pin down exactly
when it was built (or so can Skip and tell you more info on your bike).

Entry level Race series, but definitely not an Entry Level Bike.

Marty