Originally Posted by veganbikes

I would just let the bike go. A K-Mart bike from 35 years ago isn't going to have improved over that time and those bearings are probably going to be worth more than the bike new. If you want to pump money towards it it is in the end your money but I would just move on. If you want a good project bike there are plenty of decent quality used bikes that could use some love or just get a new bike and you will be much happier with quality shifting and braking.