Concerning the Puch - I think it's an old Puch Clubman. If so, it was an entry-level road bike, but not bad for what it was. Two of my friends bought them and they were tough, reliable and solid - the bikes, not the friends! Wouldn't bother upgrading anything on it though, it doesn't matter what you put on that frame, it'll still be a basic but very functional machine IMHO. I'd clean it up as it is and use it for shopping trips, riding in bad weather and chaining to a lamp post in dodgy areas - a less disposable beater than the one I plan to put together!