Well, the bearings on one side of the front hub are a little pitted along with the race, but the other side of that hub is fine. I guess I can grease em up and try it out. Although I'd have to find a new nut for the axle, it cracked and part of it just fell off. From what I've read and it being french threads and all, i'd probably have to special order such a thing. Here's a pic
As far as the back goes, they are a little pitted as well. The cassette/freewheel sounds crunchy as hell, but I have no idea of how to take that off of the hub to clean it. The actual cassette rings have a lot of surface rust and would need a good sandblasting or wire wheeling to get that off.
I could try to grease up the bearings and see if it will work, but I'm 6'5" and 230lbs, not sure how long they'd last under the stress my body would put on them. That's why I figured I'd just toss em.