Senior Member
Join Date: Jul 2007
Location: Santa Barbara
Posts: 1,506
Bikes: SE Quadrangle, '82 Venus NJS, '03 Bianchi Pista, '86 P'sonic Mt Cat, Fat City Yo Eddy '91 + '93, B'cuda A2E, '86 Trek Elance 400, '88 Centurion D.Scott Expert, '88 Fisher Mt Tam (and no longer with me: SE OM Flyer, Umezawa/B-stone/Samson NJS)
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the red bike is quite nice.
I'd leave the fenders, and make it a nice townie. don't paint the cranks! polish sounds good though, and you wouldn't have to take them off. pedals come off easily with a pedal wrench.
if it were me I'd spit'n polish the whole mess, get things down to a single ring in front, clean up the back, maybe switch to a single cog freewheel, put new cables and housing and clean up how it runs (maybe some old metal mini-clamp cable guides along the top tube for the rear-brake cable), some nice platform pedals, new saddle and possible post (if it is one of the heavy jobs with a separating clamp head) etc...