Here's my slightly younger super galaxy, she is a 1993 vintage and owned by me since 1994. Over that time I've worn through one set of wheels, two chainsets, countless tyres, chains, brake blocks etc. When I wore through the old wheels in 2004 I had new ones rebuilt around nine speed hubs, but without having cash to make the full conversion I put a seven speed cassette on the back with spacers so I could still use all the old running gear.
Last year I finally decided to give her another periodic spruce up. The frame was resprayed by Mercian and I collected together all the bits to convert her to nine speed. Now I know a lot of purists will bulk at the external bottom bracket and ugly mountainbike triple chainset, but hey ho! I really like the look of her at the moment.
So have fun renovating it wether you go for modern componentry, or try to go for a period restoration!