Project Update:
It's been an interesting project, in some ways similar to my experience with old houses. Nothing is ever as simple as it first appears, and from my experience cycling ... where I thought I was going is not where I ended up.
Here's a photo of the bike almost complete. My intent was to follow randyjawa's recommendation to rebuilt it to the way it was, which if possible would have been much nicer than the Apollo I owned in the 80's. The result however took a decided turn when I could not acquire an original RD at a reasonable cost and then discovered that the alloy clamp on the FD was broken. As with life, some things seem to happen for a reason. Several weeks earlier I found another bike in the local classifieds that interested me for the aero bars and bar end shifters that a friend needed. The bike ended up being the donor for it's front and rear derailleur, brake set, wheels, and seat post. This ended up converting the bike from a 5 spd to 7 spd with a freehub. The remnants of the donor bike will become the next project, a single speed.
If you're observant, you'll notice that the FD is missing. The seat post diameter is 29.2 and I'm pondering whether I should buy the 28.6 braze on clamp and hope it fits or 31.8 and shim the clamp. Suggestions?
If there's an irony to this bike project, its that the saddle cost more than the bike and miscellaneous parts purchased.