Classic & Vintage - My mom's old bike

My mom has this older bike, she got it in about 1964 or so. I don't know much about it...
Some of the spokes are missing, the rims are rusted, the tires are warped, altough they have good tubes and slime inside for the time being. The coaster brake hub seems to be worn out - Sometimes it will slip when you try to pedal.
It has a brooks saddle, although it's in bad shape and not as comfortable as it once was, I guess.

Here are the photos of it (More can be taken if anyone's curious):
http://jonbuder.com/images/oldbike/bike1_th.jpg (http://jonbuder.com/images/oldbike/bike1.jpg) http://jonbuder.com/images/oldbike/chainring1_th.jpg (http://jonbuder.com/images/oldbike/chainring1.jpg) http://jonbuder.com/images/oldbike/cog1_th.jpg (http://jonbuder.com/images/oldbike/cog1.jpg) http://jonbuder.com/images/oldbike/license1_th.jpg (http://jonbuder.com/images/oldbike/license1.jpg)

http://jonbuder.com/images/oldbike/rim1_th.jpg (http://jonbuder.com/images/oldbike/rim1.jpg) http://jonbuder.com/images/oldbike/saddle1_th.jpg (http://jonbuder.com/images/oldbike/saddle1.jpg) http://jonbuder.com/images/oldbike/saddle2_th.jpg (http://jonbuder.com/images/oldbike/saddle2.jpg) http://jonbuder.com/images/oldbike/tensioner1_th.jpg (http://jonbuder.com/images/oldbike/tensioner1.jpg)

It's somewhat rideable, except for the untrue back wheel and the tricky hub. The tire rubs against the frame every rotation, which slows it down.
I'm just wondering if it's worth fixing up. My mom got a new bike, and this has been sitting unused for a long time.
It'd be nice to have a fixed gear bike, but I'm not sure if this is the right candidate for that project.
Trueing the wheel and replacing the hub would be the ideal thing.. Everything else is intact. Maybe replace the missing spokes in the front.
However, most of it is rusted pretty badly, so the cog in back might need to be replaced also.
Is that bottom bracket a standard BMX/American one? If so, would regular 3-piece cranks for an American BB work?

Thanks in advance.

Anyone with opinions?

Would it be safe to ride much if I just trued the wheels and replaced the saddle?

It looks like a neat bike. If you mean fixed-gear like the fixed-gearheads mean, then probably, no, this is not a likely candidate. If you want to fix it up as a single-speed cruiser bike, it would be really cool.

Service brakes and replace the missing spokes too.

You don't need to turn it into a fixed gear - it's already a single speed! The coaster brake and hub probably need to be overhauled after all that time unused, though. The tires probably should be replaced, as should the missing spokes. That's a Brooks vinyl seat, not one of the more desireable Brooks leather saddles. The rust doesn't look too bad to me from the photos. It looks like it would be a cool cruiser, but your pictures and description don't include any info on make, model, identifying marks and decals, etc., so it's hard to say more.

It's just junkue.

One man's trash is another man's treasure...

You can overhaul and repack a coaster brake hub, which may fix it. Instructions for the various hubs are contained in various editions of Sutherland's Handbook for bicycle mechanics. First, though, I would try to true the wheels and replace the missing spokes. I've found on some older bikes you just have to replace the wheels. Your BB looks like a standard Ashtabula style. There are two different threadings for these, you need to check the pitch of the threads for replacement purposes, but I'd just overhaul it. It isn't hard.

Ignore Sid, his bed has four wrong sides.

It looks like a ladies version of a sears spaceliner check and see if the hub is possibly a 2 speed, where you backpedal to change gears . I had a sears bike like that.Do an internet search on " sears space liner the front chainring looks like the one on the space liner and the lines are generally the same. You might have a bike that is worth something on your hands.The ladies version of the spaceliner was available in blue.If you really care search once a week on E- Bay.

Put it out on the curb or take it to the thrift store and someone may give it a second life. Enthusiasm is the only thing that will make it valuable… and I ain’t feelin it.

Well, it belongs to my mom.. I was just wondering how much it would be to fix it up.
Not a big deal, we have other bikes to ride.

I might ask the bike shop if they have any old wheel parts I might be able to use... I'd like to have a bike I could bring on morning rides, mostly on roads and at a fairly slow pace so a single speed would be great. The gearing is too steep for my mom now, but as long as the hub doesn't slip, it'd be fine for me.