So far, the carburetor has had a thorough cleaning inside and out. I've replaced the tires and tubes, and gave the wheels a real good scrubbing, and replaced a bunch of broken/missing spokes in the rear wheel.
I'm planning to repaint all the plastics, yank the engine out of the frame and give the casings a fresh coat of paint, along with the exhaust system.
The rear brake shoes look to be worn enough that I will probably order some new ones.
As purchased for $250 in October 2009
disassembly has begun