I have had a few bikes with positron and they seemed to work okay. The FFS system is weird, but works.

With the FFS setup the rear cluster does not spin, if I remember the bikes I have had with that setup. So, if you pedal the bike forward does it not move? With the FFS crank, you can coast and pedal backwards, right? If, so, what is the problem with using the bike?

Oh, and I don't think $60 is too much for a Varsity. It is a piece of American history and is a great campus bike. Tough and not a magnet for thieves.