Started making sure stuff fit tonight. The v-brakes work on the fork, even with the narrower spacing. Just had to play around with the spacers and swap to Kool Stop salmon slimline pads (which I planned to do anyway). Took out all the screws from the rack mounts on the frame and fork and bottle cage mounts. They all came out reasonably smoothly, so that was a bonus.
As for the frame itself, the paint has seen some better days. Lots of surface rust, paint chips and one little dent on the side of the top tube. Might try and fill that in before when I get it powdercoated. I also want to trace the decals, redraw them and get some new vinyl ones cut. I'll get some photos up soon.
Was thinking about the groupset some more today as well. I think I'm going to run the SRAM X3 7 speed shifter and derailleur I already have, buy a new 12-32t cassette, front derailleur, left shifter and try and find an old silver Shimano MTB triple. I also need a top pull derailleur and SRAM X3 / X4 are pretty easy to find. I'll keep the other Shimano stuff (derailleur and cassette) for another project.