If you like your old bike and it fits you well, I think it makes sense to upgrade it, as long as the upgrades aren't going to cost you as much as it would to buy a new bike of comparable quality. I'd ask the bike shop for an estimate of what it would cost to do the work you want and let that estimate guide your decision. Of course, if you think you'd be happier in the long run with something lighter, then maybe it would make sense to buy new rather than spend a lot of money upgrading something that you might want to replace in the near future.
I went through a similar process earlier this year when I debated getting my old (18 years old) touring bike back in shape versus buying a new bike. I went with updating the old bike since it cost at least a third what a new bike would have cost and left me with a "good as new" bike that I've loved since the day I got her. Getting a new bike would have let me get a lighter frame, but for the riding I do, that didn't make much sense.
Sarah



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