I'm new to this list, however I see both sides.
My current bikes are:
1. ~81 Peugeot PX-10 (bought new in 84) and upgraded with period correct NR when rear derailleur went on fritz.
2. 81 Guerciotti that I am attempting to restore (missing Panto pieces) with SR. Got as frameset off Ebay.
3. circa 90 Davis Phinney Serotta purchased from Frank and outfitted with period Chorus. Am considering 9-10 speed upgrade but am on fence.
If I had a 60-80's Masi, Cinelli, Colnago, etc. with full Panto or OE I would never upgrade, but keep in original condition (until the decals fell off). Then restore.
On my club rides, I am up and sometimes pass the guys on the newest Cervelo, OCLV Trek, Litespeeds, and Looks on the DP Serotta. They are also amazed at the low mechanical resistance of Campy NR hubs.
I do the same on the Guerciotti with its components that are old enough to vote and drink. (and possibly date)
I guess my rambling point is the following litmus tests whether to restore or upgrade.
1. Does the bike have historical value? Was it a team bike or prototype?
2. Was the bike the top of the line for that year/product line?
3. Are the bikes plentiful?
4. What is the cost/benefit for restoration? (I am failing this on the Guerciotti and have no problem continuing on other bikes.)
An automotive example would be this:
1. Stuffing a Chevy V8 in a Le Mans winning D-type. (to the gates of hell with you and your progeny!!!)
2. Stuffing a Chevy V8 in a rusted out XJ6. (who cares)
3. Putting flares and electronic fuel injection on a pristine '63 split window Vette with Rochester mechanical FI.
As Jay Leno says, we are merely caretakers of some of our possessions.
I am also enjoying the lively discussion. I am laid up from riding right now.
Anyway, just my $0.02.
Chris Miller No virus found in this outgoing message. Checked by AVG Anti-Virus. Version: 7.0.298 / Virus Database: 265.6.6 - Release Date: 12/28/04