wow! a simplex rear derailleur!
kinda looks like an el-cheapo peugeot though. those are kinda dime a dozen, esp around university campuses. the reason i say el-cheapo is bc the rear dropouts look like they're just stamped out of sheetmetal, and the brakes have those ridiculous lever extensions, which won't stop your bike when you really need it to. my suggestion would be to redo all your brake and shifting cables, and while you're doing that, if you decide to keep the drop bars take off those brake lever extensions and if you need to brake from the top of the bar position install a set of those tektro interruptor levers that use the same cable as the drop bar levers; or you might also want to put a flat bar with mountain bike brake levers too.
aloha,
matt