Lately I've begun overhauling old bikes. One of my first projects was my own Le Tour. I recommend you overhaul yours because the grease is possibly or likely dried and hardened. You could ruin the bearings if they're dry. All the work would cost about $200 if a bike shop does it, and even with that, there will still be details you should attend to that they won't for that price.

See post #10 at
http://www.bikeforums.net/showthread.php?t=296615 . I wrote this for someone who's working on his Varsity. In addition to all that, you'll need metric hex keys. And for the bottom bracket, you'll need a 14mm socket wrench to remove the crank fixing nuts, a crank extractor to take off the crank arms, a lockring spanner to loosen the adjustable cup lockring. A torque wrench to reinstall the crank fixing bolts (30 ft/lbs). Check Sheldon Brown's site, check the Park Tools site where there is instruction in addition to tools, check out a book from the library, and just have at it. It isn't that hard, your subject looks like it's in good condition and in that case it'll be straightforward, and at least you didn't pay too much for it. Finally, a workstand is an awfully big help.

On the other hand, if he's selling it after ruining the bearings himself, then you're into replacing cones & races, & the races are pressed into the frame or integral to the wheels. This means more special tools & finding the right parts, or paying a shop to do it.

Maybe you could find a garage mechanic who'd do it for less. Maybe you could do parts of it, like the disassembly, the headset bearings, the wheel bearings, the cables, while taking to the bike shop things requiring special tools; i.e. crank removal, bottom bracket servicing, freewheel removal.

Whatever it takes, go ahead and do it. I really like my Le Tour & there are others who feel the same; seems to be a Le Tour cult out there. Odds are the bearings are good. If you run into problems, you'll be able to get plenty of advice here. Good luck.

-Rich