I wouldn't bother replacing the tyres unless the actual casing is damaged, except for aesthetic reasons. Perished tyre rubber doesn't matter a damn, unless you need the cornering grip of a sew-up.
The pads might be cactus, but then again, they're probably still fine; I'm sure the pads on my bike are the best part of 20 years old, and I can put the back wheel in the air from the hoods, on hardox rims.
Originally Posted by
HillRider
I don't know what hubs the OP has but several years ago I bought an '86 Bridgestone 400 that had sat unused for about 12 years. The hubs (Sansin) and bottom bracket (SR) looked like they were packed with dry rubber cement when I took them apart. Maybe they would have survived some use in this condition but I was certainly not willing to find out. YMMV.
Wow, that sounds like some crappy grease...
But I bet it would have worked for quite a long while anyway.