Well, the 14yo is in love, looks like a semi-KHatfull rehab for this one. The 6yo daughter also said WOW so this one might be hanging around.

Lets see, what could I do to it:

Replace icky saddle.
Replace steel seatpost with aluminum.

(those two would probably drop a pound or two )

Basket.
Bell.
And...finding some dual pivot brakes might be nice. But there's that whole nutted mount thing