Crankycrank

I think we could help you more if you stated what this bike is going to be used for. Road, dirt, commuting, etc. Starting with an old, heavy, probably non-high end frame and pouring lots of money into lightweight parts that will just make a heavy bike less heavy is a good way to throw money away. You may as well just buy a new bike fit for your use. Not a criticism but do you have some good knowledge of what parts will work with your bike? Just give us some idea of what you are trying to create and we could probably give you some better help.