I've done smilar operations on several bikes.
Cold-setting a steel frame is not difficult, even mixing Campag & Shimano is not that hard if you read up on it carefully.
BUT
If your existing downtube shifters are the band-on type (rather than the type which screw directly into a boss on the frame) or if your rear derailleur mounts directly to the rear wheel axle (rather than to an threaded hanger that projects below the drop-out) then the whole thing becomes very much more problematic, and IMO the horizontal drop-outs make the frame much better suited to conversion to a fixed wheel/SS operation.
If that's the case and you don't want a fixed or single-speed and the frame is of good quality (Reynolds or Columbus tubing for example), then you should be able to sell it on the
eBay (as suitable for fixed conversion) for a decent price to partially fund something that better suits your needs.