Hi, I have one of these in pretty good condition and would like to do some more restoration and customizing. I have several ideas for long term upgrades but for now I just need to get it fully operational and smooth running. The rear gears are very loud and squeak and definitely need to be greased/oiled and/or replaced. Is there any sort of specific viscosity i need to keep an eye for in regards to oils as a first step, or will any bike oil do? Also are there any considerations or prep's I should know about before removing the wheel and applying the oil? (Laugh not, I've never done this)

Also I'd like to get it painted and perhaps buy some new decals for it. I don't think I'm up for the DIY thing in regards to painting, so I was considering finding someone with good sample work through craigslist to avoid the steep rates I'll pay through a certified business. Any advice or considerations shared would be appreciated as well.

I've also considered changing the bar wraps. Are there any high quality models or companies I should look into?

Thanks a lot in advance. Any and all advice is appreciated.

Welcome to the forum. Bicycle maintenance covers a lot of ground, so good references to the many systems of a bike can be found at
https://www.parktool.com/blog/repair-help
https://sheldonbrown.com/repair/index.html
Different types of lube are used for different applications, grease for bearings (there are plenty of bicycle greases available, but some folks just use light GP Grease or marine grease), chain lube for chain and such. AVOID WD-40 for lubing the chian, it is ok for cleaning a grungy old chain, but is more of a solvent than a lube. BOTH the sites listed will have step-by-step on how the components work and how to take apart, service, and reassemble them....YOUTUBE is also good. Lots of little 3-5 min clips on doing various bits. It isn't rocket science, but it can get complicated.

Paint...lots of folks here prefer to keep original paint, part of that C&V vibe (patina) but if it is bad...you can have it repainted. An automotive paint or a powder-coated paint-job is usually best, decals, sometimes hard to find specific ones...and good ones are NOT cheap.

Lots of different bar wrap available, many different "feels" available. I like the ones with cork in them...give a nice cushion and absorb sweat.

Pictures of your ride...ALWAYS liked around here, especially if asking a specific question about a specific bit.

IF you are just starting off with a new old bike, Wheel bearings, bottom-bracket bearings, cables, chain, adjust seat-post, stem, brakes, shifters....a good starting place.

Good Luck

If you end up deciding to repaint, get ALL of the decals IN HAND before you do anything. We occasionally see postings "I just painted my xxx and I need to find decals". That is way too late. There were lot of versions of Centurion decals over the years, and lots of versions of the Lemans too. You have one chance to know exactly which decals it needs, and where they are placed.

And after going through the headache of finding all of the right decals, and seeing the cost, you may just decide keeping it original is a better option.

On bike repairs, find a CO-OP. Bikes used a lot of specialty tools, to do a complete rehab will take several of them. You can avoid the tool expense entirely and also get some good advice from volunteer mechanics.

Painting and decals would set you back a minimum of $150, so figure out if it's worth it to you on a $200 bike.

At $8 to $20 a roll for bar wrap, you can afford to experiment. I like Fizik and Sella with a bit of padding built in. Some gents here want the cotton look and prefer Newbaum's. Yet others manage to recycle old bar tape and even use bike tubes.

Agree with the previous posters. You might try washing the frame good, and using something like Mequiars ScratchX on it, followed with a good wax or polish and see how it turns out.

If it were mine, I would do a full rebuild on it (cleaning and repacking all bearings, probably replacing the bearing balls with new G25 chrome steel balls), The links to Sheldon's site and Park Tool are good to refer to. Also, if you have a bike coop in town, you might be able to work on it there with some assistance/guidance and the use of any specialized tools (bottom bracket, headset). I'm not sure how most coops work (never been to one), but worth checking on.