Depending on where the OP lives, Wheels are sometimes priced really low in this market and a co-op might have something with a decently in shape HG free hub.
They likely would also have cheap new chains and use of tools perhaps.
Since it is a friction Golden arrow shifting a 6 speed UG (likely 126), just a replacement with 7 speed HG would be a good small upgrade with little fuss.
As for chainrings, a donor crankset from the same coop might supply some much better rings.
Don't know coop prices, but worth a visit if one exists. And usually some good folks with vintage knowledge reside there.
__________________
1987 Crest C'dale, 1987 Basso Gap, 1992 Rossin EL, 1990 Van Tuyl, 1985 Trek 670, 2003 Pinarello Surprise, 1990ish MBK Atlantique, 1987 Peugeot Isoard, 1987 Nishiki Tri-A, 1981 Faggin, 1996 C'dale M500, 1984 Mercian Pro, 1982 AD SuperLeicht, 1985 Massi ?, 1988 Daccordi Griffe , 1989 Fauxsin MTB, 1981 Ciocc Mockba, 1992 Bianchi Giro, 1977 Colnago Super, 1971 Raleigh Internat'l, 1998 Corratec U+D, 1991 Peugeot Slimestone, 1987 Bianchi Volpe, 1995 Trek 750