Update..The bike rides good...
Yesterday, I put the bike on the stand, and decided to put air in the tires to see if they were rideable. The front was a 700-25 and the rear was 700-28..I put air in the tires, and they held. I took out the seat post, lubed it and adjusted the post and seat. The stem, although I could unloosen the nut, it wouldn't budge. Can't win them all. Also, I was able to unfreeze the big chainring shifter. Went for a ride, and to my suprise, the bike rode well, and stopped good too. I went fast, slow, stopped. Very little traffic in my neighberhood, so I rode two blocks with no hands..
Also, I noticed the wheels were mismatched. Okay, here comes the fun part.
I had some Araya wheels that I took off my 85 Raleigh Prestige laying around. They had some dings in them, but, they were cleaner than these, and they were a pair. Also, I had some Continental tires that came off my 88 Centurion which were good. I think it took me a couple hours, but it was fun. The orginal rear wheel had 6 cogs, and the Araya rear wheel had 7 cogs. Oh, well, I put the Conti tires on the Araya wheel. I did the front first. Got that in. Went for the rear. I remember the vid on youtube on putting the chain on the smallest chain rings. Okay, it took me a while but I got it done. And that was fun too.. The Arayas have sealed bearings hubs too. The BB on the bike has sealed bearings also.
The 7 cog wheel worked. Took it for a ride. Oh boy, she is riding good. I took it 5 miles.. Really good.
Come this morning, looked like rain and a sprinkle coming down. I took the Grand Prix for my commute this morning. The 5 miles to the subway was just as sweet as my other bikes, and my sweet Prelude was smiling because the Grand Prix is now the official beater bike..
Got off the subway a couple stops before my stop.. More miles and more fun. If it wasn't for a sin and a shame, I would have taken off today, just to ride this bike... Here are some pics during my morning commute when I stopped for breakfast..Notice no mismatched wheels, and it is even trying to look good with the rust..
I feel really comfortable on this bike, and it is a keeper.

I am a fan of original paint jobs. And the rust is really a eyesore. I was thinking about getting some clear coat, and paint it on the rust spots. I am crazy about the looks of this bike. I already have the Raleigh 85 Competition and the Prestige, and I am on the hard lookout for a 85-89 Grand Prix now.. I want a Professional, but they are just like the Paramounts, hard to find, and the people want an arm and a leg for them. Whereas, I catch me a nice Grand Prix in my size, and IMO, I be just as happy with it as I would be with a Professional.
Oh, it was big fun working on the bike..

. Sheesh, it took me almost an hour just to get the seat back on!!