My wife started doing Triathlons so I've been looking at the equipment. It looks to me like a modern Tri-bike is nothing but a bike with a frame that's too small for the rider kitted out with a long seatpost and Aerobars. You could go that route with it. Heck, there's probably a decent market for sub-$300 Tri-bikes made out of the seemingly endless supply of decent 54-58cm 10-speeds that show up on CL all the time. Clean it up, swap out the bars and post, then post back on CL later that day.