since you need to service all bearings, you might as well perform a full overhaul. it will ride like a brand new bicycle. when doing so, spray a light oil on each spoke nipple and give each a half turn (loose then tight again). hopefully all will turn smoothly allowing the wheels to be true another ten years.

along with the freewheel, i'd also replace the seatpost with a one-bolt model like the sr laprade that you can find in a co-op for a fiver. the uglier, the better, 'cause they're easy to polish with sandpaper.

i also always put kool-stop salmon pads on my bikes. they last almost forever, and nothing provides better braking.