I am totally new to road bikes and have been working on acquiring one this summer. After seeing one advertised and doing some research, I decided to try to get a Centurion Ironman. Last weekend I actually just missed from getting a almost perfect condition original Ironman Master with aerobars and other goodies for $50 but I was just too late. I was however able to get an almost bare frame and fork from a 1986 Centurion Ironman for $20.(Serial N6A7196) I want to rebuild this bike to near original Shimano components.(for the ease of doing it and it was a good setup, not to be 'original') I was thinking that the best way to do it would be to find another complete bike from the same era with Shimano 105, 600, or 600 Ultegra components.

My main question is, does anyone have any advice for doing this? Also, how much difference is there between the 105 and 600 components? I want to get 600 components but 105s are much more common on the cheap. I am trying to do this rebuild for $200-$250 total, but the cheaper the better without sacrificing too much quality.

Here is one bike with 105 components I found:
EDIT: Sold

How much would this be one worth to swap the parts from?

Here is a picture of the frame as well:

Welcome to Centurion World, and Bike Forums in general. Great deal, by the way, on that 1986 frame.

"...does anyone have any advice for doing this?" I'll toss in my .02 worth, feel free to ask for a refund.

"...how much difference is there between the 105 and 600 components?" You already have the main difference, the 600EX crankset. It's a much nicer looking piece. The 600EX stuff is polished, the 105 is generally not nearly so, but it can be polished. The 105 calipers, I like better. Price-wise, 105 is cheaper. No matter what you get, I'd keep the crank arms if they're not dinged up.

You're fortunate that you don't have wheels, because you can go 6 or 7 speeds and get the wheels to match the group. Wheel sets of that era are out there, and very reasonable, and very good quality for the price.

I doubt you'll be able to find the DiaCompe levers with the red hoods, so feel free to get what's out there. I just happen to have some minor experience with that make and model, and may have some parts lying around.

Don't jump on parts if you have any doubts. Ask here, and one of us can help. geekrunner is in Indiana, and the market there seems to be very nice. Trying to go all OEM will be expensive, so I'd go with what works.

If I can't answer your questions, I'll either lie convincingly or tell you who to ask, instead.

i can see this project of yours going to 400+ unless you can find someone that is selling an entire 600/600 ultegra/105 group. As of that picture, it looks like it is missing the bolt for the seat post, headset locknut thing, and chainrings plus the cables. That stuff starts to add up especially if you are trying to make it all ultegra 600 or whatever it originally had. My personal opinion is to pick up what you can to make it go and ride the heck out of it. On a similar note, there was a guy in new hampshire that was selling a close to complete ultegra 8 in pieces plus wheels but i'm sure you can work some sort of deal.
https://boston.craigslist.org/gbs/bik/1292385954.html

Hmm...I'd think with a little patience you could score a Craigslist bike with 105 or 600 in decent shape. Take the parts, flip the frame and it probably will not cost you that much. Just the time. Oh, the time...

Thank you! I am just interested in the original parts because I like them and they will make the rebuild easier, so I am not after an exact restoration.

The frame isn't quite as good as it looks in the picture, but pretty decent and I was figuring $75-100 value. The crank turns pretty smooth but I think I am going to repack the bearings while I search. Never done it, but sure I can find a guide on here or elsewhere.

That is pretty much what I was figuring about the 600s vs. 105s. Hopefully I can find some nice 600s on another bike before too long, I am super anxious to get riding!

Yah thats why I am trying to find wheels, seat, components and all on a less desirable frame for cheap.

There is hope. I have an older centurion super le mans that I am doing the same thing. I happened upon a Thrift store Univega viva sport that is now a single speed because I jacked the 600 arabesque drivetrain. I also responded to a cl add a few weeks ago from a guy that was moving and needed to get rid of some stuff. I got a pair of Wolbers laced to 105 hubs, 105 derailleurs, and cassette, And a 1994 gt mtb for 1 whole dollar. It just takes time and a little luck. The only things I plan on buying new are tires, tubes,seat, and bar tape. Your build is totally do-able in your price range. You can also build it somewhat to your liking while still keeping an eye open for smokin deals on your ideal parts. Most of the fun I have recently discovered with vintage is the hunt anyway

Yep, donor bike is the best bet. I've even found two Ironman bikes and bought them as donor bikes, gave away the frames...Look for a down and out late 80's Trek.

..well, I still need to ship one of them to Exit, but he lives where the Mounties are, and the ship cost is more than the frame is worth.

ha.. here is another..
https://boston.craigslist.org/gbs/bik/1294354424.html

Isn't OP near Indianapolis?

and by the way, that's a sweet '85 Ironman, first year, on that Boston CL post...

I am near Warsaw 2.5 hours north of Indy right now, will be back to West Lafayette about 1.5 hours from Indy in a couple weeks.

you gotta find some biopace rings!

Though I have never used either style on a road bike, I do wanna try the Biopace, they sound nice.

I found a bike that might have the right components. Obviously wouldn't touch that price and dont think its worth near it, but in case he comes way down.

https://southbend.craigslist.org/bik/1297071390.html

Think those parts will work? I cant find much info on those bikes.