You are too kind. Todays little "come together" (had to do some other stuff - like having guest over).
I had planned for a Regina Extra 5 speed but when I went thru my stash of freewheels I found this almost unused Suntour Pro Compe compact 6 speed. To my knowledge Pro Compe: s have gold sprockets - but this one has silver. Maybe it is a Pro Compe body with Winner sprocket. I have no idea when I got this or from where. It fits my plan though as it is a 14, 16, 18, 20, 23, 26. I will get up almost any hill... 42/47 rings in front and this combo freewheel has a couple of gears that double up but nothing really bad.
This is really compact as can be seen here on the 120mm Record hub. I found that the four largest sprockets were turned the wrong way - which I corrected building it up after cleaning. They are a bit slanted at the top and the outer side. As can be seen in this picture they are put on wrong.
Cleaned out the body and re-packed it:
Sprockets cleaned up well. Cannot have been used much. Almost no wear.
A NOS Sedis gold chain looks good and works well. The small sprocket is close to the dropout but the chain does not touch. The Nuovo Record derailleur handles the 26 with no problem.
As can be seen in this pic I went for the TA bottle cage. My choice was made due to it being user friendly compared to the REG. This bike is all about that - it is going to be used.
I was worried about the 47 big ring. That it might look too small. That is not a problem actually. The only thing that looks a bit odd/strange is the front derailleur radius compared to the ring. It does not follow the ring as it does with a bigger ring. I can live with that. Everything works great - hi and low shifts at the rear clear dropout/spokes and in front - no rub unless in gears that should not be used anyway.