The brakes themselves seem to be in decent shape, with most of their stiffness being corroded cables (add cables to the shopping list). Oil and a bit of work with a wire brush should do for them, but the brake levers... well, I couldn't get the old cable out of the lever for the front brake. Not sure if the lever's little cable-slot is bent or the cable is just thickened by corrosion. They're pretty rust-spotted anyway, so I'll check prices and what's available these days is a similar style and maybe just replace them as well. Good thing I was expecting to take at least a year on this, it's beginning to look like it'll take that long to finance it.
I'll also be keeping an eye open for a new kickstand; the one on it now tends to collapse given the slightest excuse. I'd like to get one of those cool double kickstands for the Bumblebee, which falls over pretty much whenever it's parked on a hill, or grass, or anywhere at all with the trailer attached... so maybe I can use the old one on Herc without it falling over all the time.
Some more start-condition photos:
Rear rack...
And a front rack!
Coolest fenders ever?
The whole grip turns to shift
Chain guard, a little bent out of shape
3-speed hub, eventually, I hope
Not sure why there are buckles? on the saddle; more research needed...