Originally Posted by
roccobike
You did great. Only recommendation from previous post I would not agree with, save your money, don't jump into replacing the freewheel. The chain, cables (only if cables are rusty) brake pads, and tires probaly need replacing. I would also grease the wheel hubs and the bottom bracket. That's an ideal bike for your purpose, not too valuable, but fun to ride.
I appreciate the tempered advice. The cables are definitely rusty and they seem loose if that's possible. I intend to replace the brake pads and cables first. The tires don't seem cracked or worn much, but I'm no expert on that.
As far as greasing the hubs, I've seen some posts (sheldon brown, etc.) where greasing the hubs requires taking the whole assembly apart, degreasing everything, replacing the bearings and then reassembling. Is that what you had in mind?