I love my '76 varsity. The weight isn't a big deal at all, because the bike is solid as hell. Especially riding in a city with crappy roads, I couldn't ask for a better bike. Then again I ride for purely practical purposes most of the time, but on hard rides I guess the extra weight could be some kind of conditioning
For those who own one, did the drop bar version come with fenders also? Because mine doesn't have them but it looks like there is a tab for mounting a rear fender by the kickstand.