>i have resuscitated many 'old' bikes and enjoyed many trouble-free miles<

As have I.  And with each the key was to carefully go over the bike,
including past maintenance history, to minimize the risk of
unexpected and expensive "surprises."

My advice was intended to establish a sort of perspective for
evaluation -- if thus is so, then this could be the result, in other
words.

All of the items you mention are wear-related and to be expected with
an old bike.  But -- given that -- there's a point at which one must
decide whether it's worthwhile to "resuscitate" a particular bike or
whether it's likely to become a "money pit."

Dunno how much our Canadian friend is willing to invest in time, money
or effort, but at this point he can use all the advice he can get.

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