For light duty touring, I think it would be alright. The super-long chainstays should make heel rub on your panniers a non-issue, and the long wheelbase looks like a steady ride. The gear ratios look a little high (you could consider swapping the cranks off). I'd be concerned with the durability of those old wheels, as well.
I think it would be better suited for light errands, for-fun rides, and locking up at the bar, but you could give it a real job, too.