So, what if I got something like this bike:
http://cgi.ebay.com/1975s-Woman-Rale...item1c1b4bdbb6

I realize it has a derailleur, which I suppose I could live with, for now. Assumedly I could change that someday, if I liked the bike. This guy just closed this auction at $199 with no bids, so I suspect I could make an offer of $200 or so and get it. Delivered to my door for $400. I could easily turn it around here for the same price if I hated it.

Would it meet what I'm looking for? What about the rust on the headtube? I could live with the rest of the "patina" if I knew it was safe. Would it take a chainguard of some sort?

Thoughts? And yes, I realize one of you can now scoop it up. But you could do that before, so I'm not bothered if someone does. I'm more just curious. I understand that it would need a tune-up and a rack and a new saddle.

Edit: it would probably need new wheels, no? I mean, steel on that sucker, right? And I just did that one, not sure if I want to do it again.