Thanks everyone. After buying the freewheel and adjusting everything, I'm concluding that the shifter is not indexed. Everything is working ok.
Now, on to my next question set. My freewheel is now a Shimano Cadet 5 speed, I'm wanting to pick up this shifter (or set if I can find it):
http://tinyurl.com/4zupq2
When derailer should I get to match up? Any lower end Shimano? I'm lovin the bargain bin at my LBS, they have several in there for around $15.
I'll tackle the crank and that area after I finish the rear drive train and brakes.
Thanks!