That would be an excellent choice for a street beater bike. I'm really into that seat, gotta have one.

If it shifts and the crank moves freely you have a good start. The good thing about old mountain bikes is you can customize it how ever you want, anything goes. It will look more like a CX bike than MTB, but its a beater.

I like Michelin 26X1.5's for riding around the streets with. Inexpensive, reliable, roll smooth, grooves for water. Enjoy yourself, ya stinkin latex lizard!