The bearings, while dirty, are good quality and need only to be cleaned and repacked with some nice pristine blue goo but things like pedals and tires are being replaced with new but contemporary looking parts.
Here's a some nasty looking wheel bearings before and after.
This is probably the original grease - it looks like grasshopper chewing tabacco and is just as sticky.
All stripped down.
Some jobs have got to be done by hand and I've got a couple blisters to attest to this.
With a little luck I'll be shooting primer on this thing in the next day or two.