A new groupset
Installing the new drivetrain was loads of fun. It was pretty easy, too. Well, you need some knowledge, some tools and some confidence in your ability to not screw up; but other than that, it is actually pretty easy.

Deore long cage shadow derailleur (RD-M610) and a 11-36 tooth 10 speed cassette (CS-HG50)

Band-on Deore front derailleur (FD-M610), 170mm Crank with 42/32/24 teeth chainrings (FC-M610) and 10 speed chain (CN-HG54). One of the link pins (visible right in front of the downtube) is black. This is a proprietary Shimano link pin. There was only one in the packet . I need to get a few spares and keep them in my saddle bag.

Deore Rapidfire shifters (SL-M610) and brake levers (BL-T610). The latter drives a pair of V-brakes (BR-T610). The exposed trigger in this picture is the tension releaser (shifts up for rear and down for front). These can be activated both by pushing as well as pulling. The left shifter has a lock that can restrict the front derailleur motion for a twin chainring crank.
While installing the brake cables, I swapped the front and rear brakes to make the setup consistent with my road bike – left lever for front and right for the rear.
Two things that need replacement
There are two things that need to be replaced. One is relatively cheaper than the other. The grips, as visible from the image above, are pretty worn out. The costlier swap would be the wheelset. Braking surface on both rims have worn out. On top of that, the front hub isn’t spinning so well. On closer inspection, I found that some mechanic, who had tried to service the hub, had damaged the grip of the hex nut.
My new old bike and a test ride
On Sunday morning I took my new old bike for a ride to Hoskote lake. I was accompanied by Soham and Ravish. Soham aptly pointed out my Schwinn might become the Ship of Theseus.
As a whole I was pretty happy with the setup and tuning. Barring a small turn of barrel adjuster for my front derailleur, the shifting and braking were spot-on.

We reached there at 9:00 am. Next time, Ill try to visit this place earlier.