Appears to be an original Jim Blackburn SS-1 rack, with integrated rods that bolt right to the seat stay braze-ons. According to T-Mar, Jim worked with Trek to get the braze-on spacing just right. I toured Ireland in '85 with a pair of overloaded CyclePro panniers on an SS-1 on a 613, including a monstrously heavy Nikon F2 Photomic. Rock solid; it feels like an extension of the frame.
Red band on the front hub - Normandy? Poss. Maillard Atom. Trek was on a French hub kick at the time, as suggested above.
Photo angle gives a better sense of frame size; this might fit you well.
I stand corrected on the crankset (thanks @
The GoldenBoy ); Sugion AT was probably an alternative for those who didn't want the half-step gearing.