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@mooks
I dropped my Holdsworth (geared) off at Mercian on Saturday. Getting downtube shifter braze-ons removed, cable guides for Ergos brazed on, new eyelet for mudguard/panier, re-tracking the rear stays and a total respray with contrasting headtube, and it doesn't look to be costing me much more than £150.
At the end of the day it's up to you if you want to go the whole hog. Even though I use my fixed Mercian more, I'm more relcutant to get that restored because it's in more danger of being nicked or crushed under a bus. If it's just going to be a beater, then why bother - just make sure there's no bare metal on show to rust up. If it's going to mean a little more than that, give it the TLC it deserves.
Just want to say though, I went through five pairs of pants and let out a pint of sex-wee at the Mercian shop. When you see one in the flesh, suddenly a Vigorelli doesn't seem that expensive...