Before:





After:





Striped the bike down completely. Washed and waxed the frame. Remove all rust off the chromed forks and headset. Cleaned all bearings and re-greased.
Replaced listed parts below all in CDN dollars.
Saddle-$40.00
Tires-$90.00
Tubes-$10.00
Chain-$15.00
Cables and cable covers-$20.00
Brake lever hoods-$12.00
Bar tape-$15.00
brake pads-$10.00
So spent about $250 including tax. Bought lots of tools but won't count that as I will use those again. Local bike shop said the quality of my 1983 bianchi accelerated to 2016 would cost at least $1500 CDN to buy new. So a good deal in the end.
Took apart Shimano 600 6 speed freewheel, cleaned and re-greased 90 or so bearings. Seams to be working well but may upgrade that to a 7 speed. May also change the brake levers to Shimano R400 so I get the hidden cable under the tape. A winter project.
Overall bike rides very well. Out today about 12k ride. Very comfortable. Much faster than my current Trek FX 7.3.
I would like to thank all those who offered advise. It encouraged me to "refurbish" my old road bike instead of sending it to the dump. I'm glad i did as it still rides great