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@JamesNQ
Haha, fantastic thread!
If you're wanting to learn more I'd recommend painting it yourself, building the wheels yourself and building and tuning the whole bike yourself. If you've got a stable of bikes and this one doesn't need going into action immediately I'd recommend taking a step back a little and researching the hell out of things before you buy anything.
I can understand what you're trying to achieve but simply spending a lot of money on some high quality parts isn't going to give you the education you are craving. Learning about tyre thicknesses and pressure, bottom-bracket fitments, bike fits and cable lengths and generally what things do and how they effect the finished product will teach you more. I've taken on mini weight-weenie projects before where I've stripped and drilled components and made modifications. There were guys running bikes 1/2 the weight of mine stock but I had a huge amount of fun modifying the parts and learnt a lot, I knew the bike like the back of my hand.
Don't worry that it's just a 501 frame, most bikes built with 501 have cheap and flexible cranks, bars and wheelsets which don't do them and favours, with all these parts replaced with quality modern parts you'll have a real nice bike.
A great source of information is Sheldon Brown's website.