hi everyone, i'm new here and just recently became interested in biking. i'm looking for a relatively inexpensive, probably mid 80's to early 90's bike for riding on campus and maybe longer rides when i get the chance. came across this fuji palisade 12spd on local craigslist for $175. it's a 53-54cm frame, which i'm guessing is the right size for me (i'm 5'11", didn't have any measuring devices in my dorm room so i haven't taken any measurements). i also noticed it has stem shifters, which after doing some research here, seems to be frowned upon. i plan to upgrade the components anyways to at least something more modern with brifters.

so i guess my two main questions are:
1. am i getting ripped off?
2. is it possible/worth it to upgrade the components?

here's the craigslist link for more details and pics: http://seattle.craigslist.org/see/bik/443940870.html

thanks everyone!