I bought a 1988 Trek 830 new back in the day. It was too tall for trails because I wanted a road/greenbelt a bike that would be sturdy and had an upright posture at the time. There were no hybrids or comfort bikes back then. It had more attachment points than my Trek 520, or any roadie, and most important to me - OvalTech chainrings (same as BioPace). I put skinny slicks on it, North Road bars, racks, a Brooks saddle, and went everywhere on that bike, til I snapped a drop-out.
I was so impressed by it's comfort and reliablity that I bought a '92 Trek 930, a much better frame. I swapped over all the stuff from the 830, which was all good solid Deore, plus the OvalTech. I would definitely rebuild your old friend. Those things are so much better than current "wisdom" would tell.