So I picked up the bike and started the breakdown and cleaning. The paint is ok - a bit flaky w/ some rust in some small spots. I don't want to re-paint or anything that drastic, so I was thinking of cleaning the frame the best I can (simple green?) and letting it ride. I also have a cotter to deal with to get into the bottom bracket. Although ideally I'd like to get in there and clean it out, I'm 50/50 on just leaving it until I am sure there's a problem (it seems to pedal fine, albeit maybe not as smoothly as if it were tended to). Yes - I have cotter pin fright.

RHM - The dynamo in the back lights up a small red light. They both work, although they're a little worn (and pretty dull). I wonder if I can put a bit of dielectirc grease around the inside of the spinning mechanism to smooth em out?