It seems like it's in pretty good shape, only a bit of surface rust on the rear brake mounting hole + on scratches in the rear triangle. The frame is a bit of an oddball... The lugs are made of cast aluminum that is cast directly on the STAINLESS steel tubes. Other odd thing about is that it has a rear drum brake, with a cooling "disk" that makes it look like a disc brake. By looking at I I think I just need new tires, get the wheels trued (they are actually fairly true but the spokes feel loose), get new cables, paint/polish the frame, new saddle, cassette, possibly new rear der, get new brake levers and clean EVERYTHING up.
At first I was going to convert it to fixed (thats cursing around here I guess ?) but that would have been bit too expensive (would have needed new wheels + crankset etc.) so I just decided to "restore" it and make it my commuter/ride-around-bike.
I stripped the bike the other day and gave the frame, seatpost, cranks and the stem + handlebar to my father to be washed in an industrial steam washer/degreaser. Next thing I'm going to do is to sand the frame and start painting it. Dont know which color, suggestions? I was thinking some kinda creamy white (on the same parts as there is black now, I'm going to leave the stainless steel bare) or something might look good. Gonna polish the stainless as well, though I need to get some kind of an angle grinder with a cloth polishing blade or something I think. Dremel is too small.
One thing about the cassette, it has a 5-speed cassette on now, with friction shifters how many speed cassette can I just pop in? Its a threaded freewheel.