I see no issue with that older model Ultegra stuff. There may be compatibility issues with that flat handlebar though. (If it is indeed flat. It's hard to tell.)
More importantly, the gearing ought to match where you ride. 130x5 bcd means a 39 tooth front. If you live near hills, you might be wishing for smaller rings. Likewise on the rear. If that's a short cage derailleur, a 34 or 36 big cog is not going to be something you can do.
In anycase for $100 you got one heck of a good blank canvas.
