Thanks! So judging by this and other threads, I should remove the seatpost, turn it over to get as much water out as possible, dump some, let's say isopropyl, alcohol in it, swish it around, let dry, then hit with WD40.
Since I don't have a crank puller and I want to try avoid diassembling any hubs, does anyone know if circa early 1980's bikes typically had sealed bearings?