I see cottered cranks and steel rims. The cranks will confuse the young mechanics at bike shops! Don't ride this bike in the rain.
Those brake levers were not meant to be ridden "on the hoods". It was either on top of the bars (hence the brake extensions), in the hooks, or at the very tips when sprinting. I have a vague recollection that if you try applying those brakes from the hoods, that they'll eventually pinch your skin when you release the lever.
I'm sure you could find some cheap brake (only) levers. You'll probably need new cables and bar tape to install them.
You could start swapping on modern parts, but you'll soon find you need all sorts of adapters and NewOldStock parts. In the end, it'll still be an entry level 1978 bike. The parts it has now are likely quite a bit beefier than anything new. I'd suggest leaving it as-is, except for any worn soft parts, and enjoying the bike for what it it.




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