You've got some options.

Cheap and quick you can simply overhaul the BB; clean or replace the bearings and put new grease in and it will run smooth.

Slightly more expensive would be to overhaul the BB and replace the crankset with another Shimano or Sugino double that can use about the same length spindle.

More expensive still would be to replace the BB with a cartridge BB and put whatever crankset you want on there. Just pick a crankset you like and based on that you order the correct length BB and you're set.


MKS makes awesome pedals. Its hard to go wrong with them.

Any of these things are available at Harris Cyclery. If you want a Crankset that will look age appropriate for the bike, ebay is a good bet. Try searching for "Sugino Cranks"