As the proud owner of a mid-80's Univega ("The Vegatron") I will probably draw fire for this, but I second (third, forth, etc.) the suggestions of many responders here that you just leave the bike alone. These are great bikes and, even if they seem a bit slow and very heavy by today's standards, they ride "nice." If you want to work on it, disassemble everything you can and clean everything to spotlessness - so it looks like new metal. Re-lube as you reassemble, with the proper grade lubricant. Take the cluster (cartridge) apart if you can and clean all the sprokets and each ring. Take the chain off and soak it overnight in solvent, then re-coat it with the correct lubricant (dust resistant, silicone-based if you want). Take the crank out, clean everything, and re-pack the front crank bearings. Check them for wear too - a bike shop can replace them (still!) if need be. Check the wheel bearings and re-pack. Check and clean perfectly all the threads, cams, carriages, guides, bearings, and fastenings. Clean the rims and each spoke. Have the bike shop true the wheels (and check the brake alignment after you replace the shoes). Re-talc the interior of the rims, the tubes, and the interior of the tires before you put on new tires. Get good, light, new tubes, spoke-end guard band, and tires for it (stock size 27x1 1/4), you've already got a new saddle, and get new brake shoes. Re-wrap the bars with something fitting the dignity of the bike. Get new gum brake-stock covers. Leave the paint alone! Leave the shifters alone! Its a good idea to take it to a bike shop and have them replace and realign the deraillieur if you are going to replace it, but you don't have to. The one that is there will probably work fine. You might consider new clipless pedals - or just new clips, if you want to go that route. You've got a real vintage bike there. Respect it and it will give you many fine miles. Good luck and happy riding!