I now have a rideable 105-equipped Schwinn World Sport! Why? Why not: I really like the way the frame fits and rides, and I simply can't afford a modern bike right now. I got it from 33.5 lbs down to 28, mainly by replacing the wheels. A long way from racing weight but I don't race, or even ride with others, so I look at the weight as conditioning.
Upgrades so far are ST-5600 shifters, Sora RD, 12-25 5600 rear cassette, Mavic Open Pro wheels with Shimano 600 Tricolor hubs, QR skewers and 700x20c tires, KMC X10.93 10-speed chain and Jagwire cables. I got an FSA FD with the shifters that I will probably install shortly. Shifting is smooth and almost instant, the drivetrain absolutely silent...no chain noise and usually I don't even hear it shift. Total investment, bike included, has been $220.
So now on to the desired upgrades. The most obvious is the crankset. It still has the original Sugino cotterless set with 52/40 rings. It's smooth and the BB has no play but the arms are only 170mm, short for my 36" inseam. Or are they? I get mixed messages from researching that topic: the calculators and such all suggest I should be on 180mm arms but the human advice seems to be that it your knees aren't bothering you don't sweat it. Fortunately it's a 110mm BCD so I can install smaller rings (50/36 is what I'm leaning towards). I'm in the process of acquiring pedals and shoes, and the thread adapter to allow me to install the pedals. In the meantime I have toe clips.
Handlebars are also high on the list. The current set is 37mm c-c with pretty shallow drops. This I can feel, in my shoulders when on the hoods and in my wrists in the drops. My measurements suggest that 42-44 would be more appropriate. I have also seen threadless adapters that would allow me to install a modern steerer. That, however, will wait until I go in to the LBS and have a fitting done to determine optimum reach.
Right now I feel no need to upgrade the brakes. I put new shoes on the existing and they have sufficient reach for the new wheels. Stopping power is very good, if not necessarily over-the-handlebars hard.
So I'd like opinions about the above upgrades, specifically the crankset and crankarms. 180mm arms are expensive and the bottom bracket shell will require an adapter for a 68mm bracket, so there would need to be a pretty big performance payoff to justify the cost.
Thanks in advance!