You do some good work... saw the before and after and am most impressed.

Have provided a lot of bikes from this era and quality level to many people at our co-op and they continue to provide decent service year after year with regular maintainence... the only thing wrong with cottered cranks is that they are heavier as is what is most likely a carbon steel frame.

31 pounds sounds about right... if you wanted to compare this to a frame built on 531 tubes with a better part spec (as you usually get with better frames) you'd be looking at a bike that curbed out in the low twenties that might not ride as nicely as the Free Spirit due to more aggressive geometry and skinnier, higher pressure tyres.

It is important to note that the steel rims on that Free Spirit are probably not hooked and will not handle tyre pressures over 70psi regardless of what the tyre says is maximum... inflating beyond this can cause the tyres to blow off the rim.