The bike has brakes, its called a coaster brake (back pedal to apply them, simple eh?), why ruin the frame and forks by drilling holes in them by adding those yucky looking cable lever styled brakes that dont even work if the rim is wet?

If the handlebars are bare the grips are probably gone.. you can find some nice looking ones cheap on ebay usually, hunt wilde company.. probably what the bike came with.

If it really is 70 years old it probably used a skip tooth (aka skip-link chain too).. you should be able to tell by glancing at the sprockets.