Older bikes and upgrading

[Owlie]

I must admit that part of me wants this bike to work out, largely for the ability to say "I ride a giant iguana to school every day." (Yes, I might still be ten to twelve years old.) Part of me hopes that it definitely doesn't fit so I'm not tempted to get it as a project bike, because I think we all know that a project bike (esp. that old) is not exactly a money-saver. Hasn't stopped me from looking for parts, though.

Edit: It isn't totally ridiculous to upgrade, with the exception of wheels. Probably in the $300 range. But at that point, I may as well find a nicer bike now.