Neat bike, they fix up pretty easily

1)     I use a brass brush and a mix of mineral spirits and oil to remove rust from the chrome parts.

just the brass brush for scaly rust on painted parts, or just oil it if it doesn’t have any loose rust

2)     If the chain is rusty, check if the links move freely. If they do you can just oil it in place. If not removing it and soaking it in a jar of oil

may bring it back. you’ll need a special tool for this, but there are some inexpensive ones out there.

3)      sort of yes, the seat just needs a seat quick release, the front  wheel would require the quick release, and a whole new axle that’s hollow

finding one for the old schwinn hub may be a bit of a challenge. I think they were made by Normandy, and other axles may not fit. Of course, you could change the whole front wheel for a quick release one of the same size

4)     Changing any of the parts shouldn’t hurt the value much. It will make it a better bike to ride, and if you save the old parts, they can be put back on if you want to make it more of a collectable rather than a working bike.

5)     penetrating spray lube can do some wonderful things. but NOT WD-40 it leaves a varnish behind, and can eventually gunk things up enough that they stop working (It’s ok in a pinch though)

Steve Birmingham

Lowell, Ma