Have one roughly the same vintage and color, converted to a fixie at the cost of a track cog (sorry, ajkloss, the rest of the parts were just lying around in my basement and needed to be put on a bike) that I love as an all-purpose beater bike. What a fine thing it is. Great find, have fun. You might replace the steel rims (better braking from alloy rims) and the cottered crank (less troublesome to overhaul) at some point; I did on mine and don't regret it in the least. Great, stable ride.