Rejuvinating a vintage bike - suggestions?

[DebW]

If you can clean and lube the drivetrain, and it runs without skipping, I'd say leave it as it is. Otherwise look for a new 5-speed freewheel and 8-speed chain. If possible, I'd definitely overhaul the hubs, bottom bracket, and headset with new ball bearings and grease.

[Biciclista]

I forgot to say that the old steel wheels were incredibly heavy. Replacing them with inexpensive (used) alloy (aluminum) wheels made a huge difference in the total weight of the bike and they're safer too because the brakes work better on alloy wheels.

[MomOnBike]

Thank you all. I knew you'd come through! You clarified my thinking admirably.

OK, after reading your suggestions, cogitating on matters while staring at the bike in question and spending the night dreaming about shiny parts, I've come up with The Plan.

1) Replace the squishy foam grips that have lost their poop, but somewhere along the way gained black electrical tape, with the squishiest bar tape I can find. Black.

1a) Use the cute Raleigh bar plugs I found on line - if I can still find them.

2) Replace the old white-ish cable housings with new black housings. Right now, there is a mixture of black & old stained and yellowed used-to-be white that offends my eye mightily.

3) Those Tektro brake levers are sweet! I want.

4) Work with LBS to find a better stem for me (adjust my reach).

5) Just clean up the drive train, it's still running OK.

6) The seat never was a big problem. It has Brooks stamped into the side, though it is not leather. It stays.

7) Make a big mess of the basement (it can take it) and completely wash and maybe wax the bike.

8) Fiddle around and make sure things are adjusted.

9) Find a bolt, any bolt, that fits the seat stay. It isn't threaded in there, I can use whatever fits. (Big sigh of relief here.)

There, that should keep me busy, and my checkbook empty, until the snow melts.

As an aside, I'm glad this place is here so I have someplace to admit to dreaming about bike parts.

[sarahspins]

3) Those Tektro brake levers are sweet! I want.

They're fairly cheap, too! I think I paid around $20 for mine.. I had ordered other goodies with them so the cost of shipping wasn't too big of a deal. They also come in solid black.

As an aside, I'm glad this place is here so I have someplace to admit to dreaming about bike parts.

Agreed

[MomOnBike]

Where did you order the brake levers from? Details, girl, details!

[Zen]

Where did you order the brake levers from?

Take your pick

The original stock cable sheath was white. You sure you want black?

[MomOnBike]

Yep, I want black. Half the original cable sheaths are still on the bike, which is why I want the black. The black just looks better to my eye.

For a long time I tried to maintain the brand-new just-out-of-the-box integrity of the bike, but I've finally decided that I don't want a museum piece, I want a working bike. There will be no hiding the age of either the bike or the rider, but hey, we can move with the times. We're cool that way.

I'll keep the down-tube friction shifters, though, 'cause I like them.

Oh, and Velo Orange has all sorts of stuff I need for this project. I asked too soon.