Resurection

My wife and I were driving around (yes I own a car) and I spotted a few bikes lying on the outside of a shed in a vacant lot, (well except the shed and brush).
Next time I was in the area I stopped the neighbors' house and inquired about them, he said I could have them all.
I didn't want any of them really, but I spotted another Free Spirit (I am a sucker for these tanks, I love the fit) So I snagged it and it sat out for a little while longer.
This last weekend was city-wide garage sale, and I picked up a Sturmey-Archer AW 3 speed laced to 27"Araya steel rim and a matching front for $2.00. After digging through my seat cushions and my wifes purse
for what seemed to be a good solid hour I coughed up the $2.00 asking price.
Now I had a idea.
To show you where I am starting from here's some pics.

What am I stupid?

Cottered cranks,rust, and more rust.

"I think it has a nice patina, kind of like 'vintage rustic', or more like American Gothic meets oxidation."

Perhaps the only part worth saving is this ( I heard these are okay derailers, I wouldn't know, I can't shift anyway)

A SunTour V-GT luxe.

As for the rest of the bike we'll see what Rhonda wants to do with it.

Hoping for Rhonda's infinite wisdom, lukeofny