Thanks for the Bike pull a part recommendation. I've actually been by there before and have seen all the bikes pouring out into the street. I will definitely check them out.

Update:

So today I was trying to remove the cottered cranks, but they were being stubborn. I took it to my LBS and they removed the cranks and the BB, but only after mangling the cranks. I guess its ok since I wasn't planning on keeping them.

With the BB and cranks off, I just had this feeling to take off everything. So I did. I think I am going to try and repaint it, considering the condition of the decals and how they are basically gone. This will allow me to take apart and service the brakes.

Also, now that almost everything is off the frame, it's really tempting to just say screw it and put a flipflop/fixie on it, just to play around. Scared if I go down that path and don't like it, it'll cost me. In any case, going to order the velo-orange French threaded BB I think, as that's the only modern replacement I know of.