It probably won't be too much trouble to get some aluminum rimmed wheels. Hell, when I upgraded one of my bikes to 700c wheels, I gave away a really nice set of 27" wheels before I moved to Europe. I think that buying locally is an advantage with low-cost wheels, since it might cost you $20 to ship a $5 wheel. Perhaps an e-bay search within some reasonable radius of your home could get you a cheap wheel or wheelset without shipping costs. Front wheels tend to turn up orphaned especially easy, I think because people remove them to put the bike in their car and because when a bike has only one quick release, it's usually on the front. Since braking is strongest on the front wheel, you'd see a strong improvement by replacing only the front.

Walmart has a full set of 'Bell' branded brake and shifter cables and housing for $9 that is actually an excellent value. It seemed like the cables were stainless, and the shifter housings are SIS compatible. I bought a set last summer when I changed the derailleurs on a bike I keep at my family's home and it worked great. An 8-speed chain from KMC should work for you, perhaps at a cost of $20. Some cheap 27" tires, and you'll be on the road.

It may be more cost effective to borrow the bike specific tools, especially the freewheel tool. Bike shops probably have the right 2- or 4- prong Suntour tool (I still have both...) I highly recommend that you buy a set of cone wrenches, though. I actually bought a couple weeks ago a set of Hozan Japanese cone wrenches in 13-14/15-16 mm sizes, 2 on each end, and a duplicate for less than $10, which are quite nice for the home-mechanic. Cable cutters can be nice to have, too, and a chain breaker is necessary to replace the chain. I don't remember if this bike used a 'European' bottom bracket or an American 'Ashtabula', but if it's the latter, they can be serviced using only an adjustable wrench.

My roommate back in 2003-2004 actually bought one of these used at the time for less than the cost of a six pack, and someone actually broke his lock and stole it! He was out more for the lock than he was for the bike!

I suspect you could be out less than $50 or so on consumables, and the only tools I've ever regretted buying were the absolute cheapest tools.