Re:
I think I'm with you on those choices...I took the perished red foam off the bars last night, and squirted some Plus Gas Formula X into the rusted moving parts in readiness for starting to service it, and it looks like it's crying out for a sympathetic job, but maybe a couple of nods to the now.
First nod I'm wondering about is trying to fit a 6-speed sprocket set on that 120mm rear hub. Anyone know whether this will fit...it looks like there might be just enough space perhaps? The current rear derailleur is a Suntour or Sunrace thing which I'd guess is late 1990s/early 00s from the look of it. I like the sound of the hill-friendly low gear on the Shimano HG40 14/34 Mega Range...anyone know whether I could potentially squeeze that on? The front derailleur is a cheap and crusty-looking Simplex affair (original though, I'd say)...I'm doubtful whether it's actually possible to reliably get it going, so might look to upgrade that with something that at least works!
I also think silver-coloured plastic full guards, white modern seat, leather-look perforated white bar tape, white brake/gear cables and white-walled road tyres might be a nice nod to the retro-aesthetic.