Not a lot to spoil there as it's a fairly low end model. If you're going to commute on it, particularly in wet weather, you'll want to swap in a set of alloy wheels rather than those Rigida Chrolux on there now. Otherwise, the parts should all be serviceable once you've cleaned them up, re-lubed, adjusted, etc.
As far as model, the crankset and derailleurs are an upgrade from what would have been on the UO-8, and I'd guess it's an early 80s model (but that's only a guess as I know squat about Peugeots).
Neal