Assuming it's in good shape and the price is right, I don't think it's a bad move. I have a 2006 Bianchi Eros Donna and after putting over 7000 miles on it, I still love it. I made a few changes to it, but they were more out of my own vanity than anything. Steel, while not light, provides a nice ride and the components work just fine.
Live with intention. Walk to the edge. Listen hard. Practice wellness. Play with abandon. Laugh. Choose with no regret. Continue to learn. Appreciate your friends. Do what you love. Live as if this is all there is.
--Mary Anne Radmacher