Just finished setting this up a couple of weeks ago from a used Specialized Hardrock (I think about a '99) .
Got rid of all the quick release stuff, added the rack and panniers, replaced the seat, replaced the tires with Michelin Country Rocks (ride nice and they were cheap). Greased, lubed, and adjusted, and it's riding great. Don't have much money tied up in it so I'm not afraid to leave it locked up in public places.