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It looks like a good candidate for a conversion. It seems, however, to be fitted with the old style long reach calipers, less powerful than the modern short reach counterparts. So if you are thinking of running it with a front brake, you may need to replace the fork in order to be able fit a modern short reach caliper. Just a suggestion.
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They are fine and cheap if you can get hold of one. I used one when I was working as a courier and it was relatively comfortable when not overloaded. They don't withstand the rain very well though. I always had a couple of good quality large plastic bags folded at the bottom to use in case of rain. Otherwise the deliveries would get a bit soggy. Apart from that a pretty decent and sturdy bag worth having if, as I said before, you can get hold of one.
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Hi there! New to the forum. I ordered a Bagaboo Workhorse at the beginning of May and the whole process only took three weeks: one week to sort out details for the bag and payment and another to have the bag made and sent to me. I am now a satisfied owner. Be aware however about delivery: Parceline does only one drop and if you are not home you have to call them back to arrange a new one: this takes several minutes call to a premium line and more than 7 pounds wasted on a phone call. So, avoid doing the same mistake that I did, and ask Bagaboo to send the bag to your working place.
Sheldon Brown has a good article on French Bikes pointing out few obsolete threads and diameters: if it is an early 80s road bike, chances are that the BB will be English threaded, but the stem diameter and seat post diameter (narrow 25 mm) will most probably be narrower than standard ones. Nothing that cannot be sorted out with some patience and a sand paper.