A.Winthrop, many many thanks to your generous advice and helpful information. I've begun reading through the wealth of information that you've linked to, and it's been a great help.

I still need to do a considerable amount of homework, and to purchase a few tools, but this is my general plan of attack:

1) Thoroughly clean the bike. This will allow me to do a detailed inspection as I move around the bike, removing the years of built up grime, grease, and dirt. I will look for any obvious issues or problems and see what is hiding under the dirt.

2) Replace the brake pads. The tires are in good shape, but the brake pads are dried out and hard. This is an important fix as the stopping power basically sucks.

3) Clean and lube bearings, pivot points, etc. This is the largest task and will take the most time, as it involves a lot of reading beforehand and then careful execution on my part.

4) Derailer, brake adjustments if necessary. Once everything is lubed and put back together, time to make any proper adjustments.

5) Cosmetic touch-ups - I am debating whether or not to touch-up the scratches in the paint, but I do want to do a wax/polish on the bike as a protectent against future gunk. Also, the saddle covering is coming loose so I will address this at that time. All this is a ways off into the future though.

I'm excited about this project, and despite being anxious to get out on the road, I want to do all of this correctly. I need telling myself to be patient. Ha.

Again, I really appreciate you taking the time to offer your advice. And to everyone else, I love seeing your bikes, and reading your own stories.

Thanks!