T-MAR thanks for the crossed fingers. The 7 speed freewheel fit beautifully and with the exception of getting a 36h rim instead of a 32h for the Modulus (rookie mistake) everything is going fine.
I got this '79 Olympic 12 and it came with all original stuff except the front wheel is unbranded aluminum rim with a MILREMO hub while the rear has a steel rim with a SunShine hub. I'm guessing the steel rim is the original. It's a shame they put steel rims on it. Too bad the "mistake rim" I ordered is a 700C.