Update:

My Father's Huffy:
I am almost complete with my repairs the Open Road. A little more information.......... The bike has a Shimano 333 3-speed hub. As I understand it, these hubs were not known for dependability. I adjusted the cable tension and it shifts beautifully. I also removed the bearings in the front hub and crankset and cleaned/greased everything. The wheels and crank turn very smoothly. I replace the brake pads and the entire front caliper brake, along with all cables. Replaced seat, bar grips and tires (Kenda K-35). The chrome still shines and it has little rust, so I think it will make a dependable fitness bike until they can upgrade to more modern hybrids in a year or two. Total investment: around $50. I'm guessing the saving grace is that the bike has only a few hundred miles on it over the past 40 years.

My Mother's Sears cruiser.
As I mentioned previously, this bike is a single speed and is a bit older than the Huffy. It had a lot more rust on the chrome bits and the paint is in bad shape. I am amazed at how nicely the chrome polishes up with vinegar and steel wool, but it still looks very rough. I repacked all bearings, greased everything, and put new tires on it, along with a new seat and hand grips. It functions perfectly, but she would like a few gears.

I found a mid 80's Free Spirit Brittany 10 speed city bike on craigslist last night and picked it up for $40 over my lunch break today. The gentleman that sold it to me had just replaced the cables and brake pads, and it looks nearly new and has probably barely been ridden over the years. Definitely a much better fit for my mother's needs. Amazing what you can find for $40.