While I do appreciate the Varsity for what it is/was, there are far better choices out there today. Any lugged steel bike (even hi-ten) from the '70s or '80s with alloy rims and components will be miles ahead in weight, braking, and drivetrain components compared to a Varsity. The only thing it won't have is the bombproof frame factor. But really, if you plan on crashing that hard you probably have more to worry about than your bike. Straight gauge hi-ten or chromoly frames are plenty strong for most riders/conditions.
If you are looking for a short trip commuter a rigid frame MTB from the 80s or 90s can be had cheaper and will make a MUCH better commuter than a Varsity.