This is my first post here, and thus I'm not quite sure if this is where to put it... but, It seems best considering what I'm asking.

I have an old Murray 10 Speed (53-39 Crank, 14-28 [I think] Freewheel). It's a steel frame with a 1-piece crank (which squeaks), no derailleur hangers (they mount via a screw and the pressure of the axle). The back wheel is out of true, the brakes don't work too well (well, the front does, but squeaks pretty bad some times) and uses 26 x 1 3/8" Tires. It also has tension shifters, hand-me-down (from another bike) Shimano derailleurs (They're SIS's from a mountain bike I bought from Wal-mart when I was like 10 or 11 - I'm 19 now). When I got it it was kind of rusty, well, everything but the frame was. I've since cleaned it up and have been riding it (obviously since I said all the problems) mostly as a commuter bike (about a mile each way, although that will soon be cranked up to about 4 each way with a nice amount of hills), but, have ridden it recreationally for lengths of about 8-17 miles.
But, I've recently come to the conclusion that I want, and need a commuter bike with racks and more robust gearing considering that I sometimes shop before I come home, and I may not always go straight home and need higher (or lower) gearing than I have. I've looked at a few models from Specialized (Globe City, Globe Centrum Comp), Novara (Randoneer), and even as a whim Peter White (<a href="https://www.peterwhitecycles.com/tout-terrain.asp">Tout Terrain Silkroad</a>) as well as a few others. While I could probably afford one of those if I really wanted to, I still come back to the fact that I both have a bike I once rebuilt and a bike (the same) that I could probably turn into a great one.
So I ask you all... What do you think I could do to do this?
I've found an adapter by TruVativ that will allow modern 2 piece Cranksets to work in a 1-piece bottom bracket. But, I'm unable to figure out how I would go about adding braze ons for both the bottle cages (mine are currently hose clamped on) and for a rack (not sure if braze ons is the term for it all, I know there are also eyelets needed). I'd also like to figure out how to mount something like Shimano Sora or Deore derailleurs. And possibly even disc brakes for better stopping power. I also need to figure out what size wheels I can put on, or if I'm stuck with 26 x 1 3/8 (which wouldn't bother me too much, they ride pretty well and aren't too small for me to worry about really bad potholes). I'd also like to know if I can put a different stem and headset on (see pictures, I can't really explain well). I havent' decided if I wanna stick with drop handlebars or go to flats, but, that's small right now. Anyways...
Any and all help would be greatly appreciated in figuring this out.
GR

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What you are planning to do will exceed the cost of a brand new bike 20 billion times over. It is not worth it. Leave the bike be and buy the bike, new, that you want and that has all the features you need.

You can enclose your images with the img tag to make them show up in your thread. Alternatively you can add the h, back in the http so we don't have a super annoying time trying to view your images.

Unfortunately Operator is correct. That frame is not worth the cost of a rebuild. A new bike would be more cost effective than the rebuild you are proposing.

Al

+1 on not wasting money trying to upgrade what is basically a very low quality bike frame and components. Your Murray may be fun to learn on but don't throw good money at it trying to turn it into something it will never be.

Either buy a new suitable quality bike or, to save money, look for a good used bike on Craigs List.

I would not spend very much money on the bike, but it could be a good test bed for tearing down and building up a bike. You could clean and repack the bearings, get some practice in wheel truing (assuming the wheels aren't too far gone) and put on a set of cables and housing. Maybe throw on a new set of tires.

Total outlay would only be $20-25 and the bike would be realistically maxed out for ride and performance. If their is a bike coop or something place where you can find cheap used parts you might be able get a rack and rear cluster with a better gear range for you.

After that, you can start watching Craigslist for a good deal on a better bike, that you will have the basic skills to tune and setup the way you want.

+1 I wouldn't put $5 into a Murray. I would look for a better bike, see Craigs List, thrift shops and garage sales. Then I would donate the Murray. The only thing I would spend on a Murray is enough gas to get it to the thrift store of my choice for donation. I would probably put air in the tires just to allow for rolling it around.

I just picked up a Roadmaster in the trash today, solely to keep it from ending up in the landfill. II hate to see recyclable materials end up in a landfill. I will take it immediately to the local Goodwill where they can recycle it (they will sell it cheap to someone). Everywhere I look, any component, the frame, whatever, the bike is really junk.

I am not a snob. But when you can pick up a good bike for $75 or less via C/L, thrift shop, whatever, I would rather put my time into a decent bike. I have picked up good bikes for $10 from garage sales. The last one needed one brake adjusted, air in its tires, new bar tape, and a good cleaning.

+1 on the advice not to spend too much money on rebuilding the Murray. There is no advantage to do so.

If you can get all the parts free from boning out some other junker, then there might be value in the experience and keeping the Murray on the road. However, if you are going to invest that kind of time, you might as well work on something of more value.

Often, simply taking a bike apart, cleaning all the bearings, and re-greasing can add a whole new life and quality to a bicycle.
Maybe add new shifter and brake cables.
Sand the glazing off of the brake pads.
True the wheels
Change the saddle only because you can move it to another bike when the time comes.
Add comfortable bar tape if you plan to ride the bike.

I agree with the other posts that much better bicycles can still be had at thrift stores and garage sales for so little money that your efforts would be much better spent on one of those.

Sometimes the journey is more fun than the destination.

It sounds to me like you enjoy the process of rebuilding a bike into something it wasn't originally intended to be. If that's the case, I say "Have yourself a ball." It won't make economic sense, but fun doesn't have to make economic sense. You'll learn a bunch of stuff along the way too and that kind of knowledge is never wasted.

Turning your bike into a "great one" isn't going to happen because you're starting with a water pipe bike frame. Actually, that might be one of the things that you learn along the way.

Quoted: It sounds to me like you enjoy the process of rebuilding a bike into something it wasn't originally intended to be. If that's the case, I say "Have yourself a ball." It won't make economic sense, but fun doesn't have to make economic sense. You'll learn a bunch of stuff along the way too and that kind of knowledge is never wasted.

I can see the value in that as well, but it isn't hard to do the same thing working on bikes with very decent steel lugged frames from the 70s or 80s, which will give an end product that is far more appealing and valuable in the end.