Cool! That thought has crossed my mind with this one. I've already decided that I want just a single chain ring and will ditch the front derailer. I've been interested in internal gear hubs and ALL of my other bikes have derailers -- maybe it'll be fun to make this one into a 3-speed. I know the front derailer on mine is not original -- the rear may or may not be, either, so I lose little by changing it up.

I think I'll disassemble it some more and figure out where I want to go with the project. The crank spins very smooth, so I don't have a worry about the bottom bracket. In fact, it's so smooth, I don't think I'll even disturb the cups. I'd like to take the crank arms off so I can clean and polish those (and so I can get to the bottom bracket paint to clean it better), but I think I'll leave the bearing cups and spindle as they are, at least for now.

If I get the crank and paint cleaned up, then I'll have some more interest in putting some more money into it. I won't keep the steel wheels, but I may lace some polished CR 18s or something similar onto new hubs. Actually, the front Normandy hub (without a year mark, unfortunately) is good. The rear New Star hub functions fine, but it's got some non-repairable rust that has eaten away some of the chrome. It's a perfect candidate for a 3-speed conversion, needing a new rear hub anyway. I'm still undecided regarding wheel and tire size, but I'll likely end up with 35-622s or thereabouts. I could go out to 50-55mm if I went with 584s, but then my brake reach is super long. Argh!