I like your change in gearing on the crankset. That's a practical move for FL. I find on my '71 Paramount that my jump between the 50T and the 42T works well to give me a nice down shift when I come to a slight climb. I'm guessing when your wind conditions change, your jump from 49-46 gives you a nice smooth transition as well.

The other change you might consider is to swap the freewheel for closer gearing. Looks as if you have a 32T large sprocket on your Regina Oro. So I'm guessing that it is something like a 14-18-22-26-32. You might find that a 14-16-19-22-26 is really nice for FL with the 49-46, and then when needed, you still have plenty of FL hill climbing ability with the 36T granny.