Well, its rideable. I decided to spend as little as possible, so I swapped the nice wheelset it had with a different set with similar patina to the frame, then had the LBS put on a single speed freewheel, some new brake cables, inexpensive riser bars and some cheap flatbar brake levers. The rusty wheels and rusty frame look like they were made for each other. It has a 17t cog on the back, and the front is the original small ring it came with, didn't count the teeth.

The bike handles fine, and is geared properly for my out of shape butt to get over most of the area hills. It is definitely lacking in top end speed, but that wasn't my goal. It's safe to ride and will probably do so for the next thirty years. And, I still have the parts to make it a geared bike if I so desire. I still like the idea of putting some 26" wheels with balloon tires, but that just didn't pan out, and I wanted to get riding it sooner than later.