I'd pop JeRkY's RC30's (or any good ones you can find) on, change the dropouts & get riding. I managed to polish mine up to a glorious shine with metal polish and elbow grease, but it soon gets dirty and dull again if you ride it lots :cry:
But it's a Pace, and as beautiful as it is, it's made for riding not looking at
Get it built, get it out on the trails!
PS. Welcome to the forum.
PPS. those dropouts can be a bit hard to budge after 16 years! I used a longer chainring bolt and a large hammer :shock: to shift mine