A Brooks B-17 or the like would work as a replacement and look great. Many people swear by them, once broken in.

Rubbish!

That's a very illuminating contribution, thank you.

Actually, Reynolds 631 is "air hardened." I beg pardon of anyone who was offended by my casual, uninformed comment. I don't really care that much how that makes Reynolds 631 superior to anything else; better things to do with my life. Still, the OPs bike has an Araya 631 sticker, and if the following discussion is to be believed, that is a somewhat dubious distinction.

https://www.bikeforums.net/classic-vintage/174619-araya-631-tubing.html

OPs bike looks like a nice piece of work, even if it's a wannabee copy of a European type. I'd say (as others have already): ride it and enjoy it, but don't spend a pile on it, unless there's a compelling reason.

I once owned a Vista Elite built by Araya in Japan. It was a very nice, well made bike.

A lot of these old bikes clean up nicely. The rust in the painted areas can be scratched out and touched up. The rust in chrome is often little pinpricks that have accumulated on the outside of the chrome, polish it off and the pinpricks are barely visible. And the aluminum parts will sparkle with a good polishing.

I also rode a lessor name leather saddle in the seventies and it hurt on century rides that I didn't bother to prepare for. A modern black Brooks B17 with steel rivets would look correct on this bike and feel a lot better. MKS touring pedals would also look correct, function well, are high quality and only $30. I second the advice given above to repack the bearings and replace the brake pads with Kool Stop and you might think about replacing the brake cables and housing, they will feel smoother.

Your bike is nicer and more versatile than new bikes selling for more than $1500 in bike stores today. And a LOT better looking.

one bike, two wives. Don't think i'm going there.
Touch up the paint, tune up and clean as you go. Find a good saddle. Relax and enjoy.

You guys rock. I have a lot of the bike apart as we speak. Cables are trash as are the tires. The chrome lugs cleaned up real well. I need new thingies that release the brakes for tire removal (terminology deficet here) will order the saddle, pedals and brake pads today.
Ready to go for some fall riding. It is a real feel of 99 degrees right now in my part of FL. some I won't miss much this next week or two.

Mike

A detail.

Sounds like you are having fun, as I kept reading thru the thread I knew you were going to do the right thing and make this a keeper.
peace

That Araya 631 sticker looks a lot like Reynolds 531 straight gauge stickers from the 1950s. It's obviously a rip-off, Araya trying to cash in on the Reynolds mystique, and it's anybody's guess what the tubing might be.