An old bike like that, I wouldn't put too much into it. But if I were using it as a commuter. I'd get the cheapest set of aluminum rims I could find. Those look like heavy steel rims from the picture. And put a 1.5 x 26 (or whatever) commuting tire on. And new brakes. Those old ones look like junk. I'd want something better. Some Tektro's would look good on that bike. If you really like the bike, and don't think your going to replace it with something newer. Then I'd upgrade one item each year. In a few years you'll have a nice bike, the way you like it.