You have a rare bike with almost all of the original components. Do not do anything irreversible. The derailleurs are cr@p, but they do work, and having a hanger for the rear is a huge plus. I love the half-step gearing -- what is it, 49-46 / 14-16-18-20? With the standard 3-bolt circle and Simplex 3-to-6 adaptors, you can put any standard 6-bolt 157mm BCD chainrings on it. If it fit me (55cm C-T), I would not have hesitated to pay $60 for it. Put on new brake cables and KoolStop pads and enjoy it!
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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