Simplex dropouts/derailleurs would tend to indicate an older european, probably french, bike. There are some unique threading and sizing problems with older french bikes-- replacing certain components can be a bit of an adventure-- but (I think) they ride very well. I'm just guessing here. Follow John E's advice about repacking the bearings (I would replace all the bearings when repacking; I do this on my bikes on a regular basis). Given the age of the bike, I'd also replace the cables in addition to the brake pads and chain. The Sheldon Brown site is chock full of helpful info; go there.