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Agree with others - if it's free, get it rideable and enjoy - but don't spend much. It's unlikely anything that will make a significant performance improvements will be transferable to a new bike. Even with the wheels, any newer frame will have a different wheel size and different axles, so obsolete.
The main thing I'd look to do is get it set-up 1x and ditch the front mech. You can probably do this with just the purchase of a new narrow wide for the front, and then look to see if you need a bigger cassette at the back. I ran a 32 x 11-36 for a while fine. Drop it to a 30 chaining if you want better climbing and you'll only miss out on gearing on long straight descents.
Scrabble-
The main thing I'd look to do is get it set-up 1x and ditch the front mech. You can probably do this with just the purchase of a new narrow wide for the front, and then look to see if you need a bigger cassette at the back. I ran a 32 x 11-36 for a while fine. Drop it to a 30 chaining if you want better climbing and you'll only miss out on gearing on long straight descents.
Why even bother with that? Just ride the thing :-)
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I could probably set up 1x with old stuff from the bike shop. Agree not like I can do much to improve it but always nice to have a project.
velosaurus
Jw89
Bike radar say a great frame worthy of update. Obviously that was a contemporary review but still. I live 5 minutes from Kirroughtree in Scotland which has lots of fast single track, not so much downhill, so I think a priority would be lighter wheels etc. Yeah I'll be giving it a service asap.
Spec:
Brakes Juicy 3
Seat Angle 71.5
Wheelbase (in) 43
Top Tube (in) 23.5
Seat Tube (in) 16
Chainstays (in) 16.75
Bottom Bracket Height (in) 13
Weight (lb) 30.1
Weight (kg) 13.7
Stem Bontrager SSR 100mm
Shifters X.5 trigger
Saddle Bontrager R
Cranks M442
Rims Bontrager Ranger
Rear Wheel Weight 2735
Rear Shock Float RP-2 w/Pro Pedal
Rear Derailleur X5
Head Angle 69
Front Wheel Weight 2110
Front Derailleur Deore
Frame Material Alpha Red Aluminum w/ABP Race
Fork Tora SL w/coil spring 120mm
Tyres Bontrager XDX 2.2in