That's very nice. I'm glad to see that some people appreciated the bomb-proofness of these old flash welded frames.
I rebuilt a Varsity using a Truvativ BB adapter and Shimano Sora double. The wheels use the original Schwinn approved hubs and some Alex 27" rims that I got from Nashbar for $9.95 each. The rear dérailleur is a NOS Suntour GTV. The front is a NOS Huret -- most of the Schwinn approved dérailleurs were made by Huret. My Varsity frame is much smaller than yours. After the rebuild it came in at 29 pounds. The alloy wheels completly transform the way the bike rides and stops.
I doubt that you will find an alloy seat post anywhere. Older BMX bikes use the same diameter post, but they are all made of steel -- for obvious reasons. The only way to get an alloy post for one of these bikes, is to have one made at a machine shop.
I scrapped the suicide levers, and recently bought a pair or of cyclo-cross interrupter levers. When I get them mounted, I'll post some pics.