That's right - the wheels were black initially, but I seem to remember there was an insurmountable hub or cassette or freewheel problem of some sort which required the purchase of a new one. I may even have built that one up myself - I know I built one wheel after making my own jig from the wood from the frame of an old wardrobe. Happy days...
As for bits, I'd better not bin/rehome them till I get everything - whether that's 105 or cheaper more suitable alternatives, working - which may well be some time! But I was never impressed by those Weinemann brakes, which always seemed to seize on one side, and I wouldn't be surprised if that chainset is very worn indeed... It was very much a working bike, out in all weathers and propped up anywhere I could find while doing my rounds, so everything's pretty battered!