Originally Posted by greybeard87
Replace the cables & chain, rubber & brake pads,bar tpe & saddle if you like.Lube her up and ride it and make sure its a good fit before investing much more. At that point you will have an ideal "beater".
Don't be in such a hurry to replace the headst & stem. It would also require a new fork. To save a couple bucks you could use a threadless adaptor with new stem, original fork & headset.
Good luck, The World Sport should be a nice solid bike, a fun project and a great learning experince.
+2
The chain probably needs replaced because it is likely that it's stretched over time if the bike saw much use. Problem is a new chain may also require a new freewheel.
I would not replace the stem. To go threadless, you're talking a new headset, new fork, new stem, and likely to fit the new stem, new handlebars. Besides there is nothing wrong with a threaded headset and quill stem. They are are a heck of a lot easier to adjust heightwise. Big advantage of the threadless set up is that they can be substantially lighter, particularly with a carbon fiber steere tube. That weight advantage isn't really relevant to your project.