I'd ask to see pictures of the drivetrain. If all the parts are there, you should be able to make it work. it doesn't look too rusty.

A guy in my baseball league pulled up on a old English bike like that the other day. Of course I had to go and talk to him. He got it on Ebay for $35.00. He said he thought the guy didn't know what he was selling...but maybe that's all they're worth. This guy had a attached a baby seat to it. (He always has his little baby in a sling and brings his boy out on Saturdays and Sundays and coaches him in the batting cage--I rarely see the mommy but I think she's a student at JBU and he does the full time child care which is very rare around here!)

Karen