Fixing up old bikes is great fun :-) But getting hold of non-standard parts is a pain. Your LBS will be able to tell you if it's possible or not. It needn't be that expensive, unless you want top-notch parts. Entry-level parts can be quite reasonable.
But still - reckon that fixing it up will be more expensive than buying a new bike of similar quality, and consider it the price of getting a frame you like and a bike with a history.
Winter riding is much less about badassery and much more about bundle-uppery. - malkin
1995 Kona Cinder Cone commuterFrankenbike/Selle Italia SLR Lady Gel Flow
2008 white Nakamura Summit Custom mtb/Terry Falcon X
2000 Schwinn Fastback Comp road bike/Specialized Jett