I took apart the hubs today. The bearings and cones look fine, just a little nasty.
@AGuinness- Good idea, I'll pick something up.
@Wogsterca- Thanks, that was helpful. It hasn't been ridden much, and the components all still function, though the brakes squeak. That'll probably go away with lubrication and new pads, right?
@N4zou-We're actually planning on keeping it for my dad to ride from time to time; he's paying me to fix it up.