Cannondale F500 Rebuild

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This is my very first post! Seems like a cool site. I have spent years riding bikes, Ive rebuilt old cars but never bikes, other than the basics. I have had my Cannondale F500 for about 10 years now, going on 11 actually. It's the older style with a headshock, cad2 frame. Everytime I price parts it seems easier to buy a new bike! Maybe you guys can help me figure things out...

There are a few issues with my bike:

1. I have always had offroad beafy tires on, if I put on some city tires or slicks, will I get more speed? She seems really sluggish.

2. The gears have some chips here and there, not sure if they need replacing.

3. Tires/wheels were stolen about 4 years ago and the replacement rear tire was setup for a 18 speed instead of 21 so Ive been missing a few speeds, which sucks a little. If Im in a heavy gear and pedle really hard sometimes the gears make a a sudden SNAP!

4. The brakes are shot to hell. :(

Basically I have a good frame and a few components, is it worth a rebuild?