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@ElGato
I got one myself to do a similar thing but abandoned it due to lack of time but the idea was pretty similar.
I have still got it and will start it at some point.
my idea was to replace all the steel parts for alloy. Chainset, hubs and rims, stem, bars and seatpost.
I had in mind to fit a rear mech and 3 speed block.
If you are going to use it for commuting purposes I would keep the original parts in case you want to bring it back to original spec sometime in the future but fitting some more practical components.
1) I would personally try everything as you would like it first to make sure things fit as it should and repaint eventually. Also not sure how to take the suspension mechanism of the forks apart for repainting.
2) SJS Cycles have a selection of 16" rims. Most 28 holes but 32 & 36 holes also.
4) I cannot remember exactly but I think the drop of the Shimano brakes wasn't enough so I had to get Tektro R559 nutted version. Also there was something with the adjuster that was getting in the way of the end of the seat tube if I remember correctly.
6) I got a Nitto Technomic long quill and I was either going to use Randonneur bars or compact ones plus aero levers.
If you would like to do it on a budget but functional, a Shimano 600 chainset with only the 52T chainring works well paired with a sealed bottom bracket.
Anyway, I will follow this to get some tips for mine.