Awesome. That bike looks familiar.
I ride a 1970's low-end Motobecane (Nomade Sprint) that my dad bought when he was my age. It's all steel, low-end components, 27" wheels, and complete with shoddy brakes, but I love riding the thing. A heavy steel bike may suck for commuting, but it's awesome for exercise.
There should be no worries about the 10 mile commute, though. I do fast-paced circuits in a hilly park near my house that totals ~12 miles and it takes me about 40-45 minutes to finish. Based on your athleticism, you could easily make the trip in under an hour at a leisurely (i.e. non-sweating) pace.
I have a similar length commute to school, but I don't have the nerves to try. The first 90% of the commute would be fine, but trying to maneuver through bad student drivers late to class seems to risky. The fact that I cringe as I see students biking past my line of traffic is testament enough.
Good luck, though.
- LostCause