Very nice find. I'm looking forward to some hi-res photos, and reading about the bike serving you in its intended purpose.
Originally Posted by
John E
I concur that the tires and tubes need to be replaced, and the brake cables need to be inspected. Flushing the oil in the rear hub would probably not be a bad idea, either.
Tires that old are definitely suspect; but in my own experience I've never had a tube expire of old age. Brake cables, yeah, inspect what is visible, and you might consider proof testing...: make sure the fasteners that clamp the cables at the caliper are good and tight, and the pads are adjusted so they're fairly close to the rim but not rubbing, then squeeze each lever with all your might. If the cables hold, you're good to go. You might end up stretching something a little in the process, so recheck/re-adjust the pad to rim clearance afterward.
I hasten to add, this is a static test, not to be done while riding.