Realkit, do you plan to ride this a lot or just keep it for sentimental value in general? I conserved my grandfathers 67 schwinn racer deluxe. Similar story: Heavy, cheap, ancient, not worth the restore.. but it was my grandfathers. With a lot of reading on sheldon browns site and a lot more reading in the classic and vintage subforum I was able to make it shine again with minimal investment and effort.

Here's a before.


And here's an after.