I think the frame is a bit old, and heavy.
With upgrades, you may be able to get say 4 pounds off, but it is not a frame design that was used for racing or 'advanced' riding.

An idea, is to replace only>>parts that can be swapped to a new frame. Pedals, wheels, bars etc. When almost all components are replaced...get a different, more advanced steel frame (not new, unless you got BIG cash.) And swap everything over.

This is kinda how I build, it's more expensive, and takes time..but I love it. And my bikes got EXACTLY what I want on it, not factory mid level components. (which I would break or remove anyway.)

I think if you like the frame, get some used HQ parts and upgrade, but be realistic.

I put cash into my 90's frame, but it's a way advanced racing frame, worth it as to replace, I'm looking @ $1000's not $599.

I love old bikes, and they are worth rebuilding if steel and not raced out. It's really your call.

>jef.