That's a 1992 model year frame. Or at least the decals are.
Spec, if original, suggests it may be a non catalogue 'special' or 'limited edition' bike sold off in late 1992 to clear out the Saracen factory for the newer 1993 bikes.
The BB had been replaced before I got a hold of this one. It would've originally had a cup and cone BB, but had at some point been replaced with a cartridge BB.
From the plastic cups I'd say it's a Shimano UN52, but can't be sure without removing it so I can look at the shell.
To answer your...
What's the plan? Surely it's got to be full LX M550 with a set of amberwall Ritchey Megabites FTW.
My 1991 Karakoram Elite was and is still one of my all time favourite bikes.
(Groove tube was introduced in 1992)