Wow, thanks for all the nice comments and info! Sorry I haven't visited the post to see them all sooner! Anyway, the advertisement is interesting to me because this bike came from San Gabriel. The SN is 74054. In regard to the wheels (rims) they had cheap clinchers on them but it seems like I remember my wife's Grandpa (the bike's donor) saying something about having "those glued tires taken off".

Here's a few more pics and some work. I hope I'm doing this right but I started on it before I started this post. There is no chrome left due to the rust on the lugs etc so I sort of had to fake it: