Hey I like that bike!
Reminds me of my husband's old Trek which is now his errand/shopping bike:
http://harmonias.com/bikes/Trek_1.jpg

There are lots of pricey new steel bikes being made by frame builders these days for people who like them. People can buy new, fix up old, get what they please and pay what they please- aluminum, steel, carbon, titanium, bamboo...whatever! All bikes are good.

And if someone wants to ride their bike dressed as Robin Hood...dressed as Lance Armstrong... or dressed in nothing at all...I say GO for it.