exmechanic89

A shop can probably remove the stuck pedal too, if you're unable to get it off. Might cost nothing to have them try. And if they charge you anything I doubt it will be much assuming they can get it off pretty quickly. They'll have better tools for that than you, so give it shot.

A bike like this in pristine condition is probably worth about $20, so as others have said, don't go too crazy on spending on it.

3alarmer 

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...just so you know, when I lived in Merced, CA in the 80's, I commuted back and forth to work for several years on a step through bike like that, but mine was a Schwinn. Someone hit the bike rack out back at work one day, and stole everything except my Schwinn.

So this is exactly what you want in a commuter bike.

direwolf

How often do you ride a bike?

ollo_ollo

Make it function well mechanically and it will get you around just fine. If you plan to leave it locked up outside, don't make it to pretty and shiny. Thieves are drawn to glitter like magpies. Don

Insidious C. 

Be careful, a BB adapter may not work right out of the box. I once bought one to upgrade a bike similar to yours (in fact a Free Spirit). Only after I purchased the adapter did I discover that the frame tubes protruded pretty far into the bottom bracket shell. I was able to make it work but I had to machine pockets into the adapter to clear the tube ends. So if the other posters have not sufficiently discouraged you from trying the BB adapter, I suggest removing the crank and peeking inside the shell before you purchase the part.

ptempel

^ Like the others have said, I wouldn't replace the crankset. I had something similar on an old early 1980's Mongoose BMX bike I used to race. Besides the usual clean and lube (if it needs it) I could recommend a plastic cover for the non drive side if they still make them. I used to use that on the BMX bike to keep out the dirt and road grime form the BB. I sometimes wish I had that for the smaller BSA bottom bracket on my road bikes.

pfaustus

Damn. That is bringing back memories of my first ten speed. Free Spirit. White. Campy Valentino derailleurs that never worked right, especially the front. Heavier than my Mom's Chevy Suburban.

If your local library has a copy of Glenn's Complete Bicycle Book from the 70s, your bike will be contemporaneous and it may be a better guide for repairs than newer sources. Besides, the cheese is fun.

Wash it. Grease everything you can with the tools you have available. One advantage of something that old is far less need for specialty tools, especially the old fashioned crankset. Wally world for the cheapest new cables, brake rubber, and pedals. Ride it around until you get frustrated and get something a little newer. It is far far far from a good candidate for dropping bucks on upgrades except maybe the cheapest front derailleur the local bike shop has on hand.

shuru421

My opinion..This is your gateway bike, dont upgrade ANYTHING on it other than the necessities (tires, tube, bartape etc.) Keep it clean/simple and wait for that next "wow" bike(s) to upgade to. Its inevitable..

pfaustus

10" or 12"crescent wrench and a BFH, where the "B" is for big and the "H" is for hammer.

brianinc-ville

Actually (seriously), I'd recommend a 10" or 12"crescent wrench and a BFP, where B is for big and P is for pipe -- if you can fit a 4-foot length of steel pipe over the handle of the wrench, it should give you the leverage you need.

Also, I agree with everybody else -- don't replace the crankset, don't put any unnecessary money into this bike. Lube everything, replace the brake pads (Kool-stops are worth the $), replace tires if necessary, and ride that thing. If you find that you enjoy working on bikes, keep an eye out for something better. Sheldon Brown and RandyJawa will help you learn.

Keep in mind, too, that for commuting in city traffic, more upright handlebars (such as the "North Road," "Albatross," or "Porteur" designs) are definitely better. What you've got there are called "drop bars," and they're really made for riding fast on empty country roads. I wouldn't bother changing the bars on this bike, but on your next one, you might consider it.