Almost done. Got some great work in on the Monterey this weekend, but my bike told me she's a tomboy and I just have to accept it. I tried to mount the more fancy cranks I have but it didn't go. The chain line was all off. I don't know, perhaps if I swapped the spindle with the one that came with the cranks it would work.
But before that, I kept having problems with the acorn nuts falling off the brakes. It seemed like swapping out the caliper arms would work because the mounting bolts of the brakes I got for the bike didn't work with the frame. This frame won't accept recessed nuts. So I swapped the caliper arms, it almost worked, but my bike was saying stuff like "to thine own self be true" and a bunch of other nonsense.
Ok then, The bike served me well with the old brakes and cranks all last summer, maybe I'll just use those parts on another build and make things easy for myself by just going with it. The pics don't do justice to it, everything is repacked, greased and shined up with Mothers. I'm pretty happy with the results.
I still need to get this up on a stand and check the deraileurs, adjust saddle and bars and test ride. oops, and pedals.