Thanks to everyone who weighted in! I think I will indeed keep it for now, try to fit some permanent fenders on it, and hang it in the basement for the winter. One issue with that bike actually was that I was never able to really fit fenders properly on it, it was very awkward, but perhaps if we're not worried about the aesthetics of it and if we don't mind making things permanent it will be easier to make dry rides happen!

Maybe I could get a slightly shorter stem, too, on the cheap, and resolve part of the reach issue... But not now. For now, I'll just enjoy the new kid on the block!