Well, I finished my first Varsity rebuild. While I certainly notice the weight whenever I lift it to hang on its hook, I think it turned out pretty nice.
I picked up this Varsity at a local thrift shop. I let it sit several days until senior day, hoping someone else would snag it. But that didn't work, it was still there, so I picked it up. Although it needed the normal stuff: tires, tubes, cables, bearings, and brake pads; the rest of it was all there and in pretty good shape. The chrome had the typical rust, but not too bad. And I thought the paint and decals were in really good shape, with no frame rust.
I put all of the crome parts: the handlebars, stem, crank, fork, shift lever bracket, and headset bottom cup in my trusty oxalic acid bath. It worked its normal magic.
I haven't done anything with bartape, as I don't have any of the vinyl stuff, and am not sure my normal bartape would look right on this bike.
The only thing not original is the rear wheel. I took a spare that came off a Schwinn Traveler, as the rear on the Varsity needed quite a bit of clean up.