I've decided that the Peugeot (now known as the Orange Crush) is the bike for my trail riding. I cleaned it up, removed the stiff old clips from the pedals, cleaned and lubed the chain, cleaned the rings, and adjusted the saddle height. Took it for a short spin around the block a few times.
What I like so far about the bike is the quick-release seatpost, the fact that the 36 spoke wheels appear to be true, the steering (good balance of responsive and yet steady-as-she-goes). I hopped a few curbs, no problem.
The brakes seem to work well but the front brake needs a slight alignment adjustment. The only real problem I had is with the front derailleur. It shifted to the small ring readily enough, but it wouldn't shift back to the middle. I could get it to shift to the middle and so long as I kept my thumb on the shifter knob, it stayed there. But as soon as I let go it went back to the small ring. The back derailleur worked fine.
Looks like I need to learn how to adjust the derailleur or perhaps the cables. Quick questions: do cables get lubed? Also, although the inner tubes are holding air, do they "go bad" from just being on the bike and stored (sitting on the floor) for fifteen or twenty years? Seems like common sense would be to replace the tubes even if they're working fine.
By the way, it felt good to bring out my inner Fredness and ride in sweats, sneakers, and a sweatshirt! Just sayin' ...