bottom bracket replacement Peugot Equipe (1984?)

You might not need to replace the bottom bracket. ~The cups might just need nipping up and a bit of new grease.
 
Equipe

That seems in pretty good nick - its even got the original saddle and lyotard pedals by the looks of it. Not bad! I see what you mean about the front brake cable - that is insanely long. The brakes were a bit average on these - I seem to remember it had steel Wienmann rims with lots of dimples on the braking surface to improve performance in the wet (actually made it ten times worse!).

You can get ok performance out of those old Wienmann calipers provided they are well adjusted and have good blocks and levers. They are a bit flexible so one bodgetastic tip is to thread a thick zip tie through the slot for the brake block and wrap it around the fork. No flex then!

Mind you, some budget dual pivot calipers are a very good recommendation (as above) if you're concerned.

Nice bike, good luck with it.
 
Getting a pair of alloy wheels would be on my list of things to do as well, of they are steel. Better braking and lighter - and inexpensive - no brainer.
 
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