"About all I'd do to this tandem is change the rims to a set of cruzer/M/B cheep alum rims."
I guess it depends on what you mean by cheap. I'm pretty sure the steel rims on bikes of old were tougher than any aluminum rim you'll find on a Walmart-type bike now. The wheels on my Huffy tandem are more heavily built than standard balloon-tire wheels, though, I'd keep 'em like they were.
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"be careful this rando stuff is addictive and dan's the 'pusher'."