Sounds good to me. I did a similar job on my 75 varsity. Swapping the one piece crank and steel rims with a 3 piece crank and alloy rims really make a big difference. I removed all the braze-ons including the kickstand and smoothed it all out prior to paint. You might look into that stem some more. The diameters are different and I needed to change out the fork to use an alloy stem. I had cut down bull horns at first but later I swapped them for some ergo drops. Just a personal preference. I'm still running the stock brake calipers but someday I may upgrade them.

This was a great project and it turned out much better then I expected.

Here's a pic.