Updated Remix Approach - thanks to Lovely Bicycle for identifying 4 types of bike restorations, this is the approach I'm using for Alex's old Ross bike. Alex wants to be able to use it to ride comfortably, but hopefully a little faster than her heavy comfort bike. Also, we'd like a bike her Little Sister will be able to ride with us this summer.
The frame is in really good condition, however, the rims are rust-pitted, and while the chain is not real rusty, I'm going to replace it regardless. The chain rings are made from chromed metal, and the brakes are basic Weinman caliper brakes.
We want this to be a decent road bike, upgrading the wheelset and the brakes, possibly the handlbars, but expecially the saddle.
More to follow...