There is nothing exciting about that particularly I don’t think. BUT it will probably work fine. The Weinmann Vainquer brakes are rather good, and allow fantastic tyre clearance. Experiment, but you can probably get soem very comfy rubber in there if the existing tyres are worn out. The old 5/6 speed blocks and chains just don’t really wear very badly, and with friction shifting you can get away with murder anyway.
I really, really wouldn’t turn it into a project. Compatibility problems will sap your morale and bleed cash. I have done this, and ended up turning a £68 eBay bargain into a £500 headache! (see pic below)
Hang onto it, read the Blurb about the A Homer Hilsen, on Rivendell’s website and appreciate it for what it is: a seriously practical, modestly priced bicycle from an age when most bikes were like that. The wierd loop behind the saddle incidentally is a support for a big saddlebag I think. Something from Carradice secondhand on the ‘bay would work beautifully.
This is my out of control project, a Freddie Grubb of roughly the same vintage, dne up for a weekend out. A great sort of bike for a relaxed weekend. 🙂