I got my old Ross Gran Tour II out of "storage" yesterday. Put new tires/tubes on it, got the derailleurs adjusted, lubed the chain, new bar wrap, and took it for a 30 mile break-in session.

I pretty quickly noticed a "thump" from the rear wheel, concurrent with each revolution. Under pedaling you can feel it, and when free-wheeling you can actually hear the "ticking" of the freewheel get louder with the thump. At first I was thinking it was the wheel being out of round, but the increase in the sound of ticking makes me wonder if it's in the hub - bad bearing(s)?

It didn't seem to get any worse over the trip, but I did keep my speed to 20 or 25 in case something catastrophic happened. Had a few downhills that I could have hit 40 and that just seemed like an unnecessary risk...

BTW, pretty sure it's not a bad tire, because it also did it with the old tire(s). I aired them up - surprisingly they still held 90 PSI after a 20 year hiatus, and I took a short spin on it to decide of it was worth putting new ones on. Had the thump then too.