Congrats on the bike find! I have an irrational admiration of old 80s Treks (never had one, just admire them and enjoy the styling for whatever reason).
For those interested, geometry info here:
http://www.vintage-trek.com/images/trek/85TrekSport.pdf
What size frame do you ride Ryan? I'd be curious to check trail (
http://yojimg.net/bike/web_tools/trailcalc.php). The frame has a really low fork rake according to the specs, pretty high trail it seems. Doesn't mean it wouldn't be a good conversion candidate, see the recent thread(s) here on low/medium/high trail bikes and preferences.
Anyone have experience with a 7.2cm BB drop as a conversion with regards to pedal strike? Mine is a 7.0, and never had an issue with 650x38b tires riding SPD (M-520s).
Nutted brakes would be fine if that's what it's currently got. I recently put a "new" old fork on my frame that was set up for nutted brakes, so I've got one of each now (still recessed on the brake bridge). I picked my first set of R559s (and recent nutted front) off eBay for what I felt was a steal, but I would suggest grabbing some Kool-Stop Salmon pads to swap in, highly recommended for the R559s. The stock pads leave something to be desired.
You'll want to check brake reach, but according to the catalog it used short reach, so the Tektro R559s probably will work.
Anyone know if there would be issues with the older Shimano N600 brake lever pull versus the R559s? Check this fantastic write-up for more info on estimating brake reach and tire clearances:
https://www.bikeman.com/bikeman-blogs/650blog/1771-650b-conversion-guidlines
Plenty of 126mm hubs available in the wild, are you looking for an off the shelf wheel or would you build one (or have one built)? Do you want to keep the current component setup (was N600 6 speed?) or change to something more modern that would take 130mm hubs (such as 8/9+ speeds)? Cold setting a frame is straightforward enough (or spreading the dropouts) but do read up on it first, if you go that route.
Best of luck. Many much more experienced folks on here should be able to provide more thorough advice.


Alex, responding to questions with more questions in CO