Looks nice without the cheesy 80's stickers.

If it were my bike I wouldn't pass up the opportunity to rebuild the bb. I know it is a PITA to get the cottered cranks off if you don't have a press or the experience -but it is a 10-15 minute job if you do.

The fender doesn't look bad at all. Looks totally usable as-is to me. I seem them MUCH worse than that. A paint pen in gloss black works a treat after a rub-down with Scratch-X or generic equivalent.