Sheldon says that size is just a fat 700. I see a decent set of alloys on a fat IGH. Hang those wheels on the wall for wall art and get some wacky red and white modern tire to replace it.
Are the dropouts long enough to support the Kmart Cambio Corso theory? Are the 5 hole for an alignment peg on the hub?
Clean carefully. I wonder how the paint is under all that paint.
I'm glad to see you got this bike. I was tempted but I had to buy a Raleigh instead.
I did just pick up a dead old sears/puch. If there's anything that fits that you could use, let me know (bearings, etc)