Vintage Peugeot conversion help and tips please

there's two way.

one is to build it up with decent part and eventually get a different frame.

the other is build it up cheaply so you can have fun without worrying about getting it nicked/damage/etc. sell it for a reasonable amount, and use that money to fund a new bike.

IMHO, do it the cheap and cheerful way, it's much more fun riding a bike on the cheap than with expensive part.

This. But don't sacrifice cheap for something that is going to break or snap after a few uses. Best bet is look on classifieds on here you can get some great bargains!

Sooo, no £200 wheelsets then?