Originally Posted by
microcord
The largest rear sprocket is surprisingly large. I hope it shifts well. If it doesn't, I'd look for a different rear derailleur (if at all hilly) or a more corncobby freewheel (if not).
,..
(PS I'm not criticizing the RD. I have its brother on a Miyata, and I'm happy with it.)
Any long-cage SunTour with the pivot at the jockey wheel can easily handle a 34T sprocket -- been there, done that.
My vote: Weinmann Vainqueur 999 centerpulls front and rear, with reproduction hoods and modern cable housings, not to mention KoolStop pads.
Keep the driveline as-is, or change sprocket and/or chainring sizes to taste.
If you are a toeclip-and-strap person, as I am, keep the pedals.
Touch up the paint.
Read the other responses -- lots of good advice in this thread.
Ride the hell out of it. That is a grail bike for many. (The longer I keep my mountain bike, the more I lust after a Paramount road bike.)
(Confession: I once passed up an opportunity to score an early 1970s 15-speed Paramount, same color, next smaller size. I help fix up donated bikes every year for a local charity to give to needy families, and someone donated said Paramount, which I dutifully greased, tuned, and otherwise prepped for some lucky recipient. I was sorely tempted to pull off the wheels and pop it into the trunk of my car in exchange for a cash donation to the cause.)