Megs wrote:[
Is the old Katana really worth restoring? If I recall correctly it cost $600-odd new - dunno what that would be in today's inflated dollars - and the full Shimano 600 groupset (mostly tricolour) I'm accumulating along with a professional paint job will probably run to $1000 and more if I rebuild/replace the wheelset.
But, as I found out at Noosa, she is fun to ride, has enough sentimental value and I really do "need" a nice-looking steel bike that doesn't look too bad beside my sister's '87 Colnago Master replete with its highly polished lugs and forks and Suntour Superbe Pro.
Short answer - No. What you have would clean up fine and the 400ex groupset matches the frame. I would not spend any more than a hundred bucks or so on it.
To put into perpective, my Team Issue cost me 275 bucks and the bloke had been trying to sell it for a while - there is not a lot of money in old jap bikes.
Just keep an eye out for a nice frame in your size or a complete bike with a nice frame that is in poor nick and you get for next to nothing. You want something with either tange prestige or No1 tubing if it is not Reynolds or columbus. Some good options for frames are the Shogun Ninja or team issue or something like a Ricardo Pinnacle (Reynolds 531). Any locally made frame (Kenevens, Paconi, Hillman, Jim Bundy, Micaelo etc) are worth the dollars. Blokes like Frank McCaig in Bendigo made heaps of frames which would be unbranded but good things - never turn your nose up at an unbranded frame if it has good quality lugs and drop outs - it is almost certainly a frame made locally and will be very underpriced for what you are getting..
Strip it yourself with paint stripper and then just get it painted by a local panel beater using decals from cyclemondo. This is a cheap way to do it but you can also get a very good finish just using spray cans yourself if you are keen, but use automotive paint not something from Bunnings - just find a car that you like the colour of and get them to mix up some cans for you in that colour - supercheap auto can do it or go to an automotive paint shop in your area. They are also a good source for finding our a panel beater who is happy to do small jobs (someone who does motorcycle work is a bonus as they will be used to smaller fiddly things). Remember that anything with chrome lugs was almost certainly a fully chromed frame that was then painted over except for the lugs and chain stays and chroming the forks and frame will cost a lot - only worth it on something flash.
Just for perspective this is what a really significant bike is worth when people don't know what they are really looking at. Klein Quantum - shimano 600 - worth nothing - top bike in its day.
http://www.ebay.com.au/itm/Klein-quantu ... SwZ1BXd5pa