Yep 10-4 to all the above and include servicing bottom bracket and head bearing. If cones are usable put in new bearings and as Nigel said use marine waterproof grease.
Seat looks beat too.
Proper parts(cones) are very hard to find for wheel repair. We have seen lots of people here put $100 in repair parts on a rusty bike you can buy for $75 brand new . :-))
As the philosophers say its the journey not the destination. Good way to learn so you can then restore a top line bike.
Imo , for now service all bearings, clean, get tires and true the wheels.
Just bought a clean Colombia bike for my wife at Salvation Army for $35. I went through it (greased bearings) and now its set.
For myself I found a very nice 1985 Fuji with excellent frame and equipment, servicing
(myself) and out fitting cost 3X what I paid for the bike, but the bike was a good quality made in Japan when things were good there. New one like that would cost double or more than what I got in it.
Never Give Up!!!
Out of curiosity does it look like this one.....
http://forums.bikeride.com/thread-1425.html
Good maintenance to your Bike, can make it like the wheels are, true and smooth!
What needs to be tuned up? Lots of stuff can be done by yourself (ok, if time permits...). As you have a non-indexed shifter (I guess) at least this is no big deal. Adjusting bearings is mostly a matter of patience, as is wheel building and trueing (though this is probably the most challenging task for most). We'd be happy to point you in the direction of how to and what to avoid... but this was not your question, I guess.
On bike shops: My (limited to Germany) general (ok, it's not general if it's limited...) observation is that there's shops that will cater to the need of every customer, no matter what kind of bike. Then, there's some that will be more than happy if you bring in something really classic, mostly older shops with owners that raced when they were younger etc. and those are usually full of good, solid advice (my LBS even lends me some of his tools...). And then there's shops that only accept the latest and greatest. You'll find out soon enough which type the shop is. The only way is actually going there and talking to them. Forum advice is a good hint but there's always the personal influence. Maybe others would call somebody arrogant, but actually he's quite nice when you approach him in the correct way. Maybe some people like a shop that can cater to their high end, racing, team issue material, but that wouldn't touch an internally geared hub.
I'd try the DIY "shop"... but I do most of my bike related stuff myself, so there's some bias.
"sluggish" in the sense of not cornering as fast as a modern road bike? True that... but I like the ride of mine. It is much more relaxed than my modern bike and quite comfy, even off-road (with cyclocross tyres).
Things that need to be done (well... probably):
- brake pads (very likely!)
- tyres (well... probably)
- cables / housing (maybe... especially look at the brake cables, safety first!)
- the bearings should be overhauled, new pack of grease (and I like replacing the bearing balls because I don't like cleaning them...) not difficult (except when trying to remove the freewheel), but needs some time to get the hang of it.
you could check for chain wear, but along with that comes a lot of things... maybe true the wheels (check for spoke damage at the rear wheel, drive side first, there's the dreaded chain drop).
Good luck!
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