Thanks for the info.

Do you think it would be worth it to do the conversion?

I am trying to save money over buying a new bike with an 8 speed internal hub. I would buy a new wheelset and put the old wheels aside. The front chainring seems large but I would have to try it out before changing.

If I spend the money on new wheels and upgrades to this bike then it would need to be my bike for awhile since I could not justify buying another bike after that. I am worried about being disappointed by the performance of the brakes and cranks vs having modern components on a new bike. It would also be nice if the cable routing clamps were brazed on but I could live with out that.