So far, I'm pretty impressed with how this thing is cleaning up. I had to do some straightening and adjusting of the front derailleur. It shifts just like a new one, now. The chain, after several liberal doses of Tri-flow and repeated wiping off of the excess, now seems serviceable with no frozen links. I removed what must have been half a roll of electrical tape from the frame and front fork, wiped her all down with simple green and polished the surface rust off the front fork. I've still got some cleaning to do on the wheels and then it will be time to spend money. I'll be needing tires and tubes right away. I've decided if I can't fine a suitable rear brake, I will bite the bullet and upgrade to some long reach dual pivot calipers.
Other than that, I think I'll just ride it as is for awhile to get a feel for if I really want to keep it. If and when I decide it's a permanent part of my fleet, I'll break it down for a complete overhaul. At that time, I'll repack everything, replace the chain, derailleurs and shifters. I will probably upgrade to a triple at the same time. It's a beautiful old bike. Used, perhaps neglected for several years, but seemingly not abused.
Mark
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Bicycling is my drug of choice. Followed closely by beer.