'Thanks for the tips. Now to find a rear derailler as well, this one is trashed'
If the bike is late 1960s to mid-1970s, it will have an Alvit Huret steel rear deraileur. The same type you would find on a Schwinn Varsity, Collegiate (their version of a Sprite), etc. You can also use an old Sun Tour or Shimano deraileur with good results. IMHO...probably best to go with whatever is cheap or free, since frugal is "in" and you don't have to go "Campy" on this project.