Thanks everybody. Picked the bike up today, needs a little more than I originally planned. New parts list for this:

Superlong brakes and appropriate levers (at a quick glance, it looked like it might have measured about 70mm)
Wheelset
Cranks (original cranks have riveted chainrings, and I want it to look cleaner)
Bars - I'm thinking bullhorns, as I like them best
POSSIBLY an RD (Anyone know anything about a Suntour A2000)
New cables

and all the ancillary stuff. Overall, should be really fun to build this up, as I have no experience with geared bikes.

Alternatively, I try to hold out for something better, turn this into a fixed gear and flip it to make money.

By the way, its an 88 Schwinn World.