That Velo Sport is quite a find. Looks the tires need replacing though. Nashbar has Panaracer Pasela Tour Guard kevlar tires on sale right now for $20, plus they're offering 20% off on orders over $80. Might be worth ordering a few tires for all of your bikes.

I had a Nishiki just like that when I first got out of college. It was a nice bike but ultimately bit the dust. I had sold it to my brother who sweats like a storm, and it rusted out.