'New' bike: what should I be wary of?

Late this past fall I was able to snag a free bike at the campus bike give-away. And for Christmas I asked for (and received) bike tools. So now I am taking apart the bike, partly for cleaning, and partly for experience. (I can mess up on a free bike with less panic than one I bought.)

My baby (she's being called 'Granny' until back together, when she'll get a new name) is probably from the late 80's early 90's. What should I make sure to replace/repair? I am so far doing the obvious fixes: cables and pedals. The seat and bar tape are goners as well, but for comfort reasons. And the tires are being swapped out for some cyclocross tires, so I can go on the trails around here. So what about things I can't see?

Replace the brake pads if the rubber is old or worn. Internally, you should repack the hubs, bottom bracket, and possibly the headset. Start with the hubs - get a set of cone wrenches if you don't have them, and you'll need a freewheel remover. Open the hubs, clean the cones and bearings (might as well replace the bearings), and repack with new grease.

Oooo ooo :eek: Panasonic!!! Which model?? really good bikes.

early to mid '80s bike. Should be tange #1 tubing with shimano 600 groupos. Definitly worth saving.

DebW has all the answers. If you need some vintage 600 parts please ask. I have several components. And make sure that the cable housing is not rusted inside or cracking on the outside.

And please reposition your handle bar so that the top part is level with the ground.

Smilingcat

Here I thought that the handle bars looked good like that! :rolleyes: That wasn't my doing.

I don't know which model it is. I think the name is currently covered by one of those bike license stickers. And yes, the cable housing is also definitely being replaced; parts of it are rusted the entire way through. :eek:

Thanks DebW, I didn't think about the bearings. Actually, I didn't know about the bearings, other than they existed. Zinn's and I are going to become better acquainted before I proceed too much further, I think.

Thanks!