Tom - I agree in theory, and sentimental value is for him to decide...but let's be honest here, it's a non-Chicago Schwinn with minimal value. You can get a nicer bike than that fairly easily on my CL for $200 in any given week. I'm not talking amazing deals, I'm talking fair price. I don't think it's worth fixing that bike from a dollars and cents perspective. I'm not trying to insult it, and it's very pretty...but seriously...it's a Mississippi Schwinn. It doesn't make sense to put $3,000 into a $2000 used car if it can be easily replaced with a $2,000 car.
I also don't get emotional about my bikes, at least when it comes to value (exceptions for the Triplet and the Marnati). At the end of the day, it's a mass produced machine, an inatimate object. I think you have to make logical decisions.