I put a set of new Vuelta XRP 130mm racing wheels on this 1987 Ironman. I put a 7 speed freewheel with a spoke protector spacer & a set of cheapie 2X7 Microshift brifters on it. Dropped it's weight down to about 21-1/2 lbs. Rides like a dream.
edit: Also upgraded to a 9 speed Shimano Deore M-591 RD and, extended range 32 tooth Sram cog set.