Well, I got it up and running today. Still need to repack the freewheel (didn't have the right socket) and the bottom bracket, but I did find that 30 year old grease turns into something resembling a VERY STICKY jam of some sort.

I will say this, if ever a company deserved to be sued for false advertising, Schwinn did for calling this thing a 'lightweight.' It is a BEAST. I've already dubbed it 'The Brown Bomber.'