I bet it is over 30 lbs. Varisty and Continentals are tanks. Stock they can be well over 40 lbs. I did a SS conversion with an aluminum rimmed wheelset and it dropped 8 lbs, but was still over 30lbs. He did ditch the heavy one piece cranks so that helps with weight. But, in the end you would have to ask yourself why did you waste the time fixing up a Varsity.