And it's beautiful! I'll take some pictures tomorrow to post.

So, I took apart all the hubs (front bar, the pedal hub, both wheel hubs), cleaned and put back together; added new brake and shift cables and housing; replaced the rear cassette; cleaned and oiled the derailleur; put on a new chain; swapped out the seat; and put new tape on the handle bars. I'd say it was about 15 - 20 hours of leisurely work.

I took apart all the things, then I cleaned them, then I put them all back together, and now I have a bicycle that rides!