Thanks everyone,
Freewheel seems to be in a pretty good condition as far as the life of the cogs/teeth and I've cleaned it up as much as much as possible short of disassembling and it spins/clicks great. Like I said, I dont want to go higher than 7-speed on this so I think I'll just do the rebuild. And I'm not very heavy but the weight bearing will be a good thing to keep in mind for a planned tourer.