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  1. I had a similar bike with Araya rims. They are fine.

    Why replace components? Everything on there is just fine. Replace the chain, cassette, cables, tires, and bar tape and you are all set.

  2. Great bike in its time. If the rims look good, ride them. I personally wouldn’t swap components – more trouble than it’s worth, IMO, and the frame isn’t “special” like an Italian steel frame from that era. Downtube shifters are fun and really cause you to think more carefully about your gearing. I may be wrong, but I think the chainrings are a later addition – I seem to recall these bikes having EOM biopace (elliptical) rings.

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