OP - I have one of these bikes, pics posted soon, just waiting on the rear wheel to be serviced.
Eveything has been cleaned up, and its looking good. Most of the paint work is sound, other that the rear seat stay (about 1inch of paint missing and rust, near the bottom drain hole!). I am thinking of treating the rust, then a sand down, and re-spray.
Do you have an idea of a colour match for the blue paint work? Has your suffered rust?
Only things changed on mine is the seat (old one was orignal but rotten), and the inner/outer cables. The rear wheel is making a horrific noise so went to the local bike shop for repair. Front wheel OK, the bottom bracket is next, lots of loose play. Never changed one before but willing to give it a go, can you point me in the right direction for a good modern easy replacement?
Finally the LX pedals are shot, and I have on order some replacement SPDs, from looking at them there is no way to restore/service the LX pedals, correct?
One thing I have learned is that these bikes are a PITA to clean, so many nooks and crannies for gunk to build up!
It now has guards on, narrow slicks, an Ebay special bright light and is ready for commute duty. If I am comfortable with it and its all working, it may be used for tour duty.