Wheels, derailleurs, bottom bracket, cables, tires, saddle, tape..... Careful - you've got a real money pit on your hands if you have to buy everything retail. And that bb is cottered, so if you replace it (and you should, IMO) you'll need a new crank, too.
There's nothing minimal about this particular one - you've bit off a whole lot to chew. Take no half measures here. The first thing you need to do is to strip this one down to the frame, and assess what's what and calculate the cost of restoring it to serviceability.
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"Love is not the dying moan of a distant violin, it’s the triumphant twang of a bedspring."
S. J. Perelman
Last edited by bigbossman; 03-29-11 at 11:07 AM.