A worthy project for a good cleaning up and replacement of some parts like the cables, chain, tires perhaps.
Repaint is an option and it looks like it could use it. IMO, the original red was a standard rustoleum color so it is easy to find. A rattle can spray job with a good prep can have it looking decent. Spending $$$ on a paint job or powder coat is a bit much for a LeTour. Decals are usually available on the web or ebay.
That rear der wasn't an upgrade, more like a down grade. It is much newer. Probably done to replace a damaged der for not much money or to accommodate a larger freewheel.
BUT, before you cut the red wire.....
check the frame & fork for damage. The photos aren't the best but it looks like it could have been in a front end crash. In that case, forget rebuilding it.
What to look for:
Any ripples under the top tube or downtube right behind the head tube. (another giveaway is cracked paint right behind the head tube lugs but with a repaint, that may not be present)
Put a straight edge on the top tube at the front, it should sit flat. The top tube was dead straight when it left the showroom.
The centerline of the steering tube (and head tube) should be in line with the center line of the upper part of the fork (before the fork curves forward) when viewed from the side.
Sight with your eyes, from the front of the bike. The side of the head tube should be exactly parallel with the side(s) of the seat tube.
Take some direct side shots (outdoors with good light) with the front wheel straight and post those here. Stand back a ways and use a zoom if you have a regular digital camera. The farther back, the less lens distortion.
Rick
