The first thing you need to do is tell us more about it. Manufacturer model etc. Second go to The Classic and Antique Bicycle Exchange - The Classic and Antique Bicycle Exchange and post there. Those guys can tell you everything about it. Third, DO NOT change any of the parts unless they are completely useless. The worst thing you can do to a bike like this is modify it, especially if it is mostly original which it appears to be. A light cleaning is all that is required. If it were mine I would gently clean it and remove any rust from the moving parts, put some good tires on it, lube it and ride it as is. The bike has more value to a collector with original parts even if they are rusted or faded. Restored bikes are usually not as valueable as unrestored bikes that are operational.
Keep all the original parts, for a potential restore later, and fit all new parts to the frame= awesome! New: 3 piece crank, some nice black rims, shimano deore hubs, sweet shifters, fork, front hydro disk brakes. Win! Make it a head-turning piece of machinery.
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