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I was toying with the idea of fitting 11 speed Record on one of my Masters but thought it may end up looking like Mamil overkill and just stuck with 8 speed which is sufficient for London town. However the gruppo does work well on the above example.
Fignon-
Up to you, the biggest difference is not just the number of speed but the hood shape.
If you're comfortable with your current hood, stick with it, if you like the newer hood shape, go for it.
It won't look overkill, case in point (yes I know it's no Colnago but it'll look equally fine with modern gruppo);
edscoble
c40 and 50 suffer from corrosion in the stay /drop out joins as no escape holes were put in frames stays, the Benelux Colnago distributor uses a company called Unlimitedcolors.nl in the south of Holland, they renovated my c40 b-stay, sprayed for the Rabobank team and i saw the Belkin team's bikes in there spray booth, if you go to Codagex, they will probably charge you a premium and send to Unlimited, they actually have this Master 55 for sale (but it's sold ( )
#digression
master55 probably only goldie lookin' Colnago I'd wear, ( from a collecting perspective)