Originally Posted by
old and new
You want to fix the old bikes. ZERO risk; if something breaks, no biggy, the very best way to learn. In the end, you'll aquire knowlege and a couple/ few fun bikes.
+1
and the other thing that needs to be noted is that with older bikes like these, you will need minimal tools (don't even need an allen wrench). Screwdrivers, adjustable wrenches and a couple of vise grips should do the trick. Oh, and tire wrenches... and a rubber mallet and something to pound things with.