Here is the most heavily modified 20 I ever built up...
"Grace"
Re-threaded the bb to standard and fitted a Shimano 600 crank, built / bought alloy wheels, replaced the stock fork with a suspension model and installed a real headset, added a drop bolt to the rear (not shown), added a Nitto technomic stem , drop bars and v-brake compatible levers... and then added a rear rack so she could do some commuting and errands.
Sold her to a friend... he loves her.
With the three speed and nearly full on road gearing she is pretty fast and eats up bad roads like they aren't even there... the v-brake up front addressed the poor braking issue.