Is buying a 'vintage' frame worth it?

OK, let me elaborate. If you buy a old frame then you have to factor in the cost of any repair and refurbishment. Then you have to make sure that the components you have fit the old frame standards. You may have to find old parts in good working order. If it is a "name" e.g. Hetchins or Colnago then it may be worthwhile but if you just want a frame to ride then I see no point in spending as much on a "vintage" frame as on a new one.

Anyway, just my opinion.

I don't mean to be picky, tho he said exactly that...If the steel you want isn't a 'Nag or a pinarello, Bob Jackson or something else terribly hip...
Then you can get an amazing frame for sub £200...bearing in mind that many frames that come onto the forum from the 'Dutch Guys'...;D...will be 80/90's, great quality, won't have compatability issues (due to standardized sizing - of sorts anyways), will have plenty of life left, probably in really good condition ~ so won't need refurbing...and you may well get a fully loaded bike...for under £500...some of those will be more suited to touring than others...ie slightly less 'super sport' and a little more 'grand tourer'...remember anything too sporty (denoted by the gaps between the wheels and the frame anything with super close clearances will be twitchy if you add weight.)
If it's a pretty standard raleigh 531 then it should cost you about £100, as it's nothing special you can get some mounts brazed on for another £30 quid or so...(+ canti bosses a little more)...add a powder coat...thats £200...if you can find a tourer specific frame then all good, tho they are getting harder to find compared to people nearly giving them away 2-3 years ago...

Be aware that anything you buy new...will depreciate like crazy and will be worth half the money in 6 months, unless you spend a f*cking arm and a leg...ie £1200 or so...on a new FW Evans etc...won't be anything like as good a quality or RIDE...those saying 'Go modern' seem to be forgeting you have a limited budget, a good steel tourer with discs will be pretty steep...tho again...don't go for aluminium, they ride horribly.

Which brings us to the most important part...the Ride...

A classic steel frame will be infinitely more enjoyable to tour on than anything new and aluminium, and will last about 30 years longer as well. Alu frames are prone to stress failure, and do this far more regularly than steel ever does. Steel is far more forgiving when touring too, as the material stretches and flexes in ways that Alu never does...which makes for a far more enjoyable ride.

Keep your eyes peeled on here and ebay, you can still find full tourer bikes for around £250, they are harder to find, tho it's still doable.

If you are really considering going further than 10 miles around the city...

Get old Steel. It's that simple.