If you submit the serial number, I can narrow down the year, though the original owner's recollection sounds correct. Typically, during this period, Fuji's better models used CrMO, while Valite was used in lower mid-range and upper entry level models. If you list the major components components I should be able to ballpark the original price and position in the line-up.

There is no way to tell for sure if the stays and forks are Valite or hi-tensile steel short of finding the catalog. So far, forum members have uncovered only 4 Fuji catalogs and they are not from your timeframe. However, based on your description of the dropouts, it sounds like an upper entry level model and a candidate for some hi-tensile steel content. Can you post pics?