Its possible to find old steel frames to restore from sites such as Retro Cycling
Its possible to find old steel frames to restore from sites such as Retro Cycling Vintage for not very much money. If the frame needs a repay its easy enough to strip off any remaining components such as the bottom bracket or headset and take it to a paint shop where they will first strip the existing paint off and then paint on a new coat and enamel. It is even possible to approach the original manufacturer to obtain the original decals which can then be applied to the frame to return it to its original state.
For component it's a good idea to stick with a groupset from the same era - some fittings such as the space for the rear axle have changed over the years in order to fit in wheels with more gears on them and this can lead to the frame being bent out of shape to accommodate newer 10 speed wheels in older frames. Campagnolo, Shimano and Suntour were all popular groupsets from this era and can all be tracked down via specialist retro cycling websites. Gear shifting will usually be via levers mounted on the downtubes rather than through the brake levers although groupsets from 1987 onwards will probably have 'indexed' levers with a ratchet mechanism providing a firmer and more responsive shift.
