I'm afraid that this is not correct. The 560 for a number of years had double-butted Reynolds 501 main tubes, True Temper for the remainder, and Tange forks. The lugs were Trek's own cast and investment cast productions. In 1986, a change was made, and the main tubes became Reynolds 531. There are no flies on the 501 tubing, but the 531 bike is the more enviable machine. My frame-set is an '85 with 501. These were crafted fames — although not in the same way as the first generation. I've been working on mine — prepping for paint and dealing with some rust and so on, and I keep seeing more and more little things about how it was assembled and designed. There is nothing to disappoint! It is just a lovely piece of work.

Your friend got a good deal and an excellent bike. The 600 group should be a terrific match. I think that the peddles could be replaced — for sure. Sylvan Lites for clips and straps are super light, very inexpensive, good looking — but non-rebuildable.

There is a lot of info over on the Vintage Trek site, and the tube sets for many of the different models can be followed from year to year. Sometimes it can be difficult to be certain about the ancilliary tubes. For example, it seems that some frames may have used three types tubing for the frame.

I say Yay with no mixed feelings at all — especially for what your friend paid. He/she will really enjoy this machine, and I predict that your friend may have other machines that come and go in the future, but will keep this one around.