This Old Bike

[Owlie]

Check the wheel diameter. There's a chance they're 27" rather than 700c. Finding parts might be challenging. I'd say take it to a shop that does a lot of this sort of thing (ask around) and have them estimate it.

[Trek420]

Get some inspiration for the rebuild here :

http://forums.teamestrogen.com/showthread.php?t=19205

[ridebikeme]

I would agree with Owlie, that the wheels more than likely are 27". I know that you mentioned that you wanted a new drivetrain, but I would also tend to think that you have a freewheel rather than a cassette... which means quite often a good mechanic can bring those back to life. A drivetrain that is friction also does not wear the drivetrain like todays bikes, so once everything is up and running, it will last for a very long time. Good luck with the rebuild, as others have mentioned, get an estimate from a shop/mechanic that you trust and enjoy the process!

[forestbiker]

Well, I found a place that can sandblast the frame so I can paint it. I'm thinking of a sage green, that would set off a honey Brooks nicely.
Now I just want to do it for the project, I won't be riding it for many, many months. Yeah, it's a low level, crappy 30 year old bike, but it's a bike they don't make anymore.
I just hope the bike mechanic I met doesn't try to talk me out of it. I may have to bring in cookies along with the labor charges.