'86 peugeot elite road project

Hello!

I recently purchased a 1986 Peugeot Elite road bike. Always been a huge fan of these road bikes and when I found one on Gumtree I quickly snapped it up. It's in really good condition with all the original 80's components still fitted. I've done some research online and found that It has the low end carbolite 103 frame however I'm still really keen to continue with the project. My plans are to use the bike for road cycling this summer.

The bike currently has:

CLB brake levers
CLB front and rear brake calipers
Simplex downtube friction shifters
Simplex front and rear derailleurs
5 speed maillard free wheel
Double front crankset (unbranded)
Rigida chrome rims on maillard hubs

I've been out on the bike in the wet and i'ts rather scary, takes so much longer due to the chrome surface of the oldschool rims. I'm looking to upgrade the wheels and some of the components, hopefully to a nice campagnolo/ultegra groupset. Has anyone done anything similar? I'm worried about compatibility issues etc.

Nice <basic> Peugeot bike. These frames make good fixed wheel conversions Your rims are old school but also indicative of an inexpensive wheel set. Steel rims are heavy, slower to get up to speed and rubbish in the wet -as you have found out!
These old Peugeots can be fiddly to upgrade because of non standard components fitted (Seatpost diameter , Headset threads). In addition your rear wheel spacing will need to be changed to accept more modern wheels. Also does your frame have a braze-on gear hanger or a stamped derailleur mount bracket? Perhaps even a Maillaird Helicomatic freewheel?
It is probably easier (and cheaper) to replace the consumables such as brake blocks, tyres, cables etc and just ride it and accept the bike as it is. I had an old Raleigh Arena GTX between the age of 15 -22 which had steel rims. I remember the original brake blocks had leather inserts to <improve> wet weather braking, I can't remember if they made any difference but I did 1000's of miles on that bike including touring with loaded panniers and you sort of get used to the poor wet weather braking!