Well I took the advice of the members here and took the 1992 Paramount Series 7, I bought ( all apart in a box) to the Schwinn dealer. They totally went through the whole bike - 4 new cables- new seat- new padels- handle bar wrap - new chain - a few little bolts and put the whole bike back together for me. The bike is AWESOME!!! It cost $200 to get done and I paid $50.00, so I am happy with a $250 dollar bike.
Just wanted to say thanks for the people who gave me this advice, since I did not know how to adjust everything and know what all it would need. The dealer said the crank on the bike is about $425, the shift and brake levers - $250 and the derailer also $$ - I guess I believe him? He said the guy had about $800 in aftermarket parts he put on, so that also makes me HAPPY!!
Doug