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If you're considering a 32 large cog you'd probably be better off with a MTB rear derailleur. Something like an XT M735, 737, 739 or LX M452, M550, M560, M563. I'd get a long cage version in case you ever want to switch to a triple crankset.

A local friend put these Exustar pedals on a new bike a few months ago and has been very happy with them. https://www.ebay.com/itm/Exustar-E-PB557-Slim-Profile-CNC-Machined-Enduro-BMX-Bike-Pedal-Red-Green-Black/293157088993?hash=item4441862ee1:m:muPDumb2tsXhGlJ5jusFatA:sc:USPSFirstClass!61345!US!-1

I really liked the painted Litespeeds, was never a fan of the brushed finished Ti bikes. I'm referring to appearance, I never rode one of either material. $430 delivered sounds like a good deal to me. Given some time I might be able to find a Colorado Cyclist catalog with a listing for your...

I try to encourage folks to go with lower gears when possible. Road bikes especially in the 80s/90s were geared for racers whose abilities far exceeded the average buyer. It took Cannondale a while to address the issue, but they eventually added triple crank options to certain road models.

If you find that the 27 x 1 1/4" tires aren't adequate, the next step would be a pair of 700C rims and some 38 (ish) mm tires. I have a lot of gravel miles on 38 mm Kenda Kommando tires.

I had forgotten that Litespeed made some aluminum models but remember them now. Circa 2002 I'd guess.

Bike looks good, your changes make sense to me.

On flat ground the lighter weight of the road bike won't help your average speed much, but could help out on a hilly ride. The main speed advantage for a road bike is in rider position and wind resistance. You have negated a lot of that with a more upright position.

Good to know of another long term Cannondale dealer. Does it have friction shifters? I wouldn't cost much to upgrade to indexed down tube shifters such as 6 speed Cyclone. I'm guessing that it would also require a SunTour Accushift compatible rear derailleur.

Vintage suspension forks can sometimes be a problem to maintain. That and the weight factor would be my reasons for putting the original fork back on the bike. I am not you though, we could have considerable differences in our riding style, terrain ridden, pace, etc. What works for me may be...

Hard to make a recommendation on gearing without more information. It's hard to quantify how much lower your low gear ratio needs to be to make you comfortable riding. You could go to a triple crank with a MTB rear derailleur and a wider range cassette/freewheel.

CAAD4 with Ultegra is a pretty nice ride. High end of similar recent sales is probably this Dura-Ace equipped bike with Aksium wheels and Microshift shifters...

The LePree is also unusual as it has three jockey wheels instead of the usual two. It looks like a nicely made and finished part but I'm not sure where it fits in SunTour line.

The Superbe Tech RD is kind of a desirable part, unique and nice to look at. I have never seen one except in pictures, have no idea if it functions as well as it looks. http://velobase.com/ViewComponent.aspx?ID=EC298789-FDBD-4F4F-AC6D-2F9E88B9D5C9&Enum=108&AbsPos=74