I like that Saracen year, and in a few ways that year is better than the following year, the frame being one of them, they were'nt as nice the next year on in my oppinion.
As to what to do with your ride, just replace what is knackered, bearings if they are, and cables, leave the rest alone, it is good as it is.
But no doubt you might want to change bits as time goes by, it is only natural, most of us do that, myself included with my current '93 Saracen, but what I change has to do with my old '92 Saracen, which was more versatile.
Yeah, aheadset assemblies are lighter I suppose, but I much prefer the quill system yours has, as you have height adjust, aheadset sucks if you need more height. Also you have the front cable hanger stop high up, the best place, unlike later cycles, where it is too low down.
Edited to add, after another look at your pics, I notice you have an unusual collection of components on your bike, some old, the handlebar having the old style logo on them, that stem, I have never seen one like that before, and it complements the Saracen pierced top tube, could you tell me if that stem has Saracen stamped into the end of it ?
Other things, as another mentioned what looks like a one inch headset, ( mine was one and an eight XT) and the front brake cable routing seem a bit better thought out than what mine had. The other thing I thought odd, was the Altus brake/shifers on your bike, they I think came later in '92, as the ',92 bikes I knew of had XT, DX, LX and the stuff beneath that, my '93 Saracen had Altus when I got it. It seems to me your bike is a mixture of old and new parts, pre 92 and post or at least late 92, perhaps why it is a special edition.
Mind I think Saracen had a habit of doing that with their bikes, the ocaisional parts bin raid, very much like the auto industry, in fact I believe it was common for bikes of the same model and year to have some differences in components.
As to brakes, V or canti, well, if what you have you are happy with leave it at that.
Nice bike, look after it.
