Which airline didn't charge? That does seem like one way to get a good bike. How is it working for you?

I found one of these:
http://bikepedia.com/QuickBike/BikeS...02.0&Type=bike
8 years old, but seems barely used. It needs a tune up, but should otherwise be perfect. I'm thinking of following this plan, more-or-less: http://carfreedays.com/2008/12/09/ki...n-do-about-it/

Maybe swap in tires like this?
http://www.amazon.com/Kenda-Kwest-Co.../dp/B001DUBSZM
Maybe I can get the hand brakes closer to the handlebars like this?
http://bicycletutor.com/childs-hand-brake/

I vacillate between feeling ready to jump in, and feeling like I should re-sell it on Craig's list and get the Specialized hotrock street bike. Anyone have any tips or caveats for the project? I've never done anything like this before.