I restored a 40's columbia cruiser. What I did was throw out everything but the frame and buy all new and vastly lighter components. If you have the money, its the way to go. If cost is an issue and you want to ride this thing a lot, I would still reccomend new wheels at least because old steel wheels are god aweful heavy. Its always nice when your bike loses 5-8 pounds, and at a couple hundred bucks or so, I'd definitley say its worth it.