I feel your dilemma...I have a Carbolite framed P?10 (I think) Pug that I took out on one of my regular rides the other day for the hell of it. Yes, it's heavy & no the frame is not anything to write home about (though nothing particular *wrong* with it by broad standards), but man it was a really nice ride - all 10 speeds of it! I was (and still am) thinking of putting slightly more modern (ie, early 90s vs its original early 80s) gears & at least rear derailleur, moving shifters to the (original, drop) bar ends and outfitting it with some fenders, lights & rack(s)....riding it seemed to scream to me that this was transportation...solid, smooth, dependable, not sexy, exotic, rare, or necessarily collectible...but ultimately *enjoyable* and, ahem...useful! If the frame, paint, headset, BB, etc. weren't all great & I didn't have lots of spare parts to play around with & I didn't just enjoy taking things apart & putting them back together a little differently, I wouldn't bother.

And, to Fraz28, that could prove to be a tough price point to find everything you want, but you may be at a point where you could buy someone's slightly used project to the same effect that is for sale because they have the new bike bug. (or, rather, because they HAD it).

I was in Atlanta experimenting with the various drop positions earlier today. I've returned to drop bars after a 20 yr or so break in favor of MTB type setups. I agree...especially in the last I guess 20 years that the options a great. I have been pleased to see things changed since I had tuned out!