So - I purchase a Flying Dutchman Bike, a late 70's era 10-speed sold in Denver (Denver bike shop had them manufactured in France and then imported them here). Pictures below.

It is, based on further review of the frame, a lower end, most likely hi-ten steel bike. However, it is in amazing condition. I mean, amazing for a 40+ odd year-old frame. It uses Simplex for the drive train, which includes friction down tube shifters.

That being said, the wheels are heavy steel wheels, which while I like for the fact they are originals, a pair of Velocity 27" rims, with some lighter weight hubs would be an awesome addition. However, it is a bit more difficult to find hubs that are not "Freehub" vs. Freewheel". A couple of questions:

(A) Are there any 5 speed freehub casettes out there that I could put on a modern hub designed for freehub cassettes? A lot of the weight of the bike comes from the wheels, and if I do ride this bike, would not mind keeping the steel wheels inside because they are relics.
(B) Since it is a friction shifter, can the Simplex rear derailleur coupled with the more modern 7/8 speed freehub casette work?
(C) Should I even try to use this bike, or given it is almost untouched, make it a wall piece in the future?

Fascinating Odds & Ends:
The fork of the crown was covered in plastic to make it look chromed. I did not realize this until I got it home, and further inspected it. Part of me wants to rip it off, and make the fork 100% steel. But another part of me makes me want to keep it, because I am fairly certain that this may be the best representation of this bike, which has Denver roots to boot there is in existence. I would love it if someone knew how to ID the steel.