I just picked up a '64 Varsity. Mine will be rolling on 26" coaster rims. You have to love these bikes for what they are. Varsitys were the most common bike in the racks during my school years of the 70s. When I got mine, it was way too big for me, when I killed it through over modification, it was too small.

Buy a cheap open-end wrench set and pick out the sizes you need. They used a lot of hexes instead of Allens.