[No Time Toulouse]

As to the freewheel: I assume you mean a classic SunTour freewheel (which were often quite good), but the newer SunRace freewheels are pretty much junk. In fact, you'd be hard-pressed to find anybody making a 'decent' freewheel today; the only bikes still using freewheels are pretty much dime-store bikes, and all the freewheels they use are heavy and have junky bearings.

What you have is pretty much a time capsule, an unrestored bike in decent shape. Finding correct rubber bits for the hoods will cost you (as will the covers for the crankset bolts), but you really should keep it as original as possible. There are people who rebuild classic freewheels, and a period Campagnolo 6-sp cluster would probably be what you need. Also, a set of GOOD tubulars (Vittoria Corsas or Challenge Paris Roubaix would work well), and the entire thing will need a good re-lubing of all bearings, plus a cleaning and detailing.

I've done a 'resto-mod' on a classic Trek from about the same era, only updating it to 8-sp components, but trying to keep as much of the classic structure together as possible. You could try that with yours, but I did that mostly because I started out with just a frame and a replacement fork, and when I did, components of roughly 10 years after the frame was made were more readily available.

 

[No Time Toulouse]

I know I will get a ton of criticism, but if you want to start riding again, and if it was me, I’d make this a restoration project and take my time, wasting money along the way while I actually ride a new/newer bike with indexed shifting and 11sp drivetrain. You don’t have the same legs you had when you were 20. A 50/34 11sp will be welcomed. I think it’s a wonderful endeavor to bring back a beauty of long ago.

Let me second that idea. My 1978 Trek 710 was only my 'secondary' road bike, but I figured that I'd ride it on the beautiful days, and ride my Cannondale on the other days. Then I bought my Specialized Awol, figuring it would be good crappy-weather days and singletrack riding (it has 50mm tires and Velo Orange fenders). But, the allure of disc brakes and Brifters was too strong, and I end up doing 90% of my riding on the Awol.

But, the Trek is still there, and still in great shape. It's still a reminder of my 'second wind' when I got back into riding in my mid-30's, and for a few years was able to keep up with the younger crowd. Of course, that's all in the past now, but on those beautiful summer days when I take it out, I still get the occasional 50+ guy who says "nice bike"!