Originally Posted by
sonatageek
What I see is a bike that needs new tires (tubes and rim strip would be a good idea), repack bearings with grease and lube up (perhaps replace) the chain and take her for a spin. The drive train does not look to be in a bad shape to me. Why do you want to replace the cranks?
If you ride it and like it you could swap the wheels for ones with alloy rims and perhaps bar end shifters to replace the stem shifters. I think it would sharp with a set of North Road bars in place of the drops.
+1
Exactly what I was going to suggest - along with perhaps a bit of silver touch-up paint to dress up the scratches on the stays.
The chain guard, reflectors and kickstand? I don't care for them either, but if they make sense for how you use the bike, they could possibly be worth keeping. The saddle? Keep it if you like it, but chances are you could find something you like better.