Well, I strongly disagree with anybody who says that the Schwinn Le Tour is a beater.

The Schwinn Le Tour (especially the Super Le Tour) is an excellent bike by ANY standards. It was not the typical gas-pipe Schwinn bicycle.

It is quality lugged butted chromoly 1020 tubing - very light and very strong. The components are all of very good quality. The Le Tour was 100% made in Japan as were ALL of it's components with the exception of the rims which were imported from Holland.

I question the cranks rusting, however. My Schwinn Super Le Tour has aluminum cranks which do not rust.

My personal opinion is that you are lucky not to have the wheels. The sidewalls of the rims were a bit short and there was no tire-bead flange, so it limited the tires to 70 psi and were prone to blow-outs. Get yourself some aluminum rims/wheels from a 1980's bike.

Brake pads are easy to get. I would avoid the cheapo pads from X-mart, though. They do not brake well.

I say rebuild the Le Tour and you will have a respectable road bike.