Thanks oddjob2. Just got back from the bike store and you were right on with your pricing. I've decided to to ahead with refurbing the old Peugeot. All in all the basic mechanics of it are in good shape. No play in the crank and the wheels are true. Priced out at $250, but that includes all that you listed in overhaul (including all bearings replaced and greased) plus new cables, replacement of both derailleurs (front one is cracked which may be a problem finding, anyone know of a replacement that works?), some rust removal from handlebars etc, new brake covers, grips and tape, new seat, new tires and tubes. All in all not bad and for better or worse, I get my old bike back ready to ride. I know it's north of what the bike is worth, but is within the budget I had in mind. I'll let you know how it goes, and post a photo or two when I get it back. Point of interest, the bike mechanic's last name if Peugeot. Karma maybe.