Modifying Bikes 101 - Help (1988 Bridgestone City Limit CB-2) 1988 Bridgestone City Limit CB-2:

Can I modify my bike with other parts or will that make it all funky? I know little to nothing about bikes but REALLY want to put some new parts on my bike. HANDSOME cycles makes a frame that is somewhat based off of some of the Bridgestone models and I was curious if I could save money and just swap out parts and keep my frame. (could totally not be possible)

If anyone has any tips to make this bike kick ass let me know. I really dig gear hubs over derailleurs and am wondering if I could throw one on there.

I found the original spec sheet linked up top but it is SUPER hard to read and other information about this bike is hard to find.
Bike parts are relatively swappable -- there are standards for wheel sizes (This uses a regular old 26" (ISO 559) wheels), frame spacings, etc.

This frame has vertical dropouts, so using a hub gear is not easy -- you'd need to use a chain tensioner to use it (in some cases, you can find a perfect front and rear combination to avoid this). You'd also have to respace the rear triangle to accomodate a modern hub (which can be done with a plank of wood, carefully). 

Also, swapping out parts can quickly get expensive. It's a cute bike to begin with, so I'd leave it mostly stock and make sure things are working well (e.g. good brakes, etc.).