71schwinn

hi i'm danny, well i'll start off by saying i'm new to this forum and to road biking. i just recently got into it but, was riding the wrong bike. i was using a mountain bike and although it does the job, i wanted to look the part. plus it was a woman's mountain bike. with that being said, i recently bought a 1971 10 gear schwinn varsity in relatively good condition all original, almost no rust at all. i got it off craigslist for 60$. it's a real heavy bike(almost 40lbs) but once you get going your going and it's not that bad once i shift down. but of course it needs some work. i'm thinking of taking the whole bike apart to paint it(flat black). also was thinking of buying new tubes and tires for it, as well as brake levers and calipers, new seat, new tape for handle bars, wires for brake and gears, and i think that's about it. was thing of just taking off the crank and cassette to give'm a good clean and give it a new lube up. does anyone know how much does an original crank weigh in a varsity? anyways, what i need your fellow member advice in is, if i should restore it and spend money and time on it or save the time and just go for a new 250-300$ bike? by the way that's my budget if i decide to restore it. also i wish to make the bike a bit lighter any suggestion's? i think this is it and any help or advice is welcomed, i appreciate you taking the time you take in reading this thank you kindly.