What a beauty!! ....and with the original components.

Speaking for myself, if I had somehow acquired this bicycle in its current state I'd send the photos to Richard Schwinn at Waterford and ask him for a quote to restore it to factory new condition. It would be expensive, no doubt, and I'd be unlikely to get back whatever investment I made in the restoration, but its value to me would be considerably more than I could get for it if I tried to sell it.

If your friend is simply interested in reassembling it for sale and doesn't wish to keep it, then Kurt's advice to restore the original paint with Meguiars products, polishing up the chrome, and cleaning and repacking the bearings is the way to go.

Whatever she does with the bike, her late husband clearly appreciated owning and restoring a very nice machine.