Here's an absurd resurrection I just finished for my Dad, redid his 40 year old 40 pound American Eagle.

Lowlights include:
-YST 3 piece bottom bracket kit (conversion from Ashtabula), $15
-Shimano Exage 400 crank with 52t Bio-pace chainring, free from LBS
-7 speed 13-34t Alpine range freewheel, removed from unused hub, so no cost
-SHimano Nexave (?) Megarange derailer, about $15
-new 7 speed chain, wheel bearings, and rear axle, $20

Just finished 15 mile test ride and nothing fell off. Hurray!