Nick,
Yeah, I know you could race it..... but why? Road bikes are so completely cheap nowdays.... 500 bucks gets you a bike that would have been the lightest and smoothest shifting bike in the world in 1970.
For just riding or wanting to own a little bit of history..... classic bikes are really nice. But anybody thinking that putting on a highrise stem is going to *mess up* the handling of a 15 yr old bike? That's nutty