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@853Superfly
No don't censor :)
It's your bike and you will build it how you want it or can afford. It is a nice old touring frame and many would go for a period parts build up but thats what they would do.
Mini v-brakes are cheap enough, easy to set up and work with most brake levers, add in some cartridge brake pads and good cable outers and performance will improve.
V-brakes require a longer cable pull brake lever, and the taller brake arms (over mini V's) may get in the way of rack fitting.
A rear rack is the way to go, never used one myself until now, much joy :)