At one point, JC Penney bikes were made by Huffy. I honestly wouldn't expect much from it. What is your comfortable budget? Any long distance riding, hills etc?
If you do happen to look at the Penney's bike, check this out. It's a very old recall, but considering the Panasonic is from 1980 it could be relevant. You don't want to get lacerated by a defective crank.
http://www.cpsc.gov/cpscpub/prerel/prhtml78/78075.html