Your paint job is in far better condition than mine, but we otherwise ride essentially the same thing -- an early 1970s UO-8 with aluminum rims and cranks. I don't know about you, but I am consistently surprised and impressed by how competent that cheapo frame is. The Pletscher racks (I have the old mousetrap style rear rack on mine) and mudguards will be a great addition, and of course the frameset has ample clearance for the latter. (My shorter-rake aftermarket fork does admittedly give me a toe-to-tire clearance problem that you do not have.)
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"Far and away the best prize that life offers is the chance to work hard at work worth doing." --Theodore Roosevelt
Capo: 1959 Modell Campagnolo, S/N 40324; 1960 Sieger (2), S/N 42624, 42597
Carlton: 1962 Franco Suisse, S/N K7911
Peugeot: 1970 UO-8, S/N 0010468
Bianchi: 1982 Campione d'Italia, S/N 1.M9914
Schwinn: 1988 Project KOM-10, S/N F804069