I love the Varsity. I think putting money into one in 2013 in an attempt to transmogrify it into a specialized touring mount is a fools errand.

That said: Back in the more innocent age of 1976, thousands of Americans headed across the USA on bicycles to celebrate the Bicenetennial. Some number of folks used the Varsity that was in their garage. To no surprise, these very inexpensive recreational ten-speeds were found to be heavy and too highly geared for touring. However, having overhauled a number of bikes after they made the trip, I was surprised at how the Varsity shrugged off the wear and tear of a 4,300 mile self-contained tour. They're quality machines.