So, during the tear down, I began to see a lot of things I didn't like. Here's a pic of the components as they came off.



I had originally planned to just clean everything up, slap on some new rubber and ride it; adding the fenders and rack later. But I was finding more rust than I normally like. I pulled the bottom bracket and water dripped out! It had collected inside the tubes and left a nice fine coating of rust in there. Not good. If you look at the above picture, you can see the condition of the BB's grease. It was like wet peanut butter.

Next, came the decals. Here they are in original condition, flaking and peeling away.





The rear derailleur was just about shot too. That along with all it's other troubles left me with a decision to make. Should I fix it on the cheap, or go for the full restore, new paint, new parts, everything.

Next post - My decision.