Okay, let me try this again since you (geardad) are clearly choosing to not pay attention (which is absolutely your prerogative!) ...geardad said:...a little attention to the rust, some careful attention to bearings, new brake cables, new freewheel and I will have myself ride which could most likely last me til the end of my days...
... I feel that I can tackle the repacking of the hubs and the replacement of the freewheel (assuming I can FIND one new, or new-ish) prbly not the BB, but I know a great bike shop that will inspect/replace for a modest sum.
I guess I need to source and buy the supplies and parts I need to git at these repairs..
actually, the chain busted yesterday JUST as I crested a hill the wife and I are training on. I can assure you this chain, whatever its age, owed me nothing. it looked old in design and had serious rust on its links..
The BB that is generally used with that particular (barely used, based on looking at the backside of the chainrings) crankset (i.e., the one the Campagnolo sells for the crankset) on your Falcon is a cartridge BB ... it is generally NOT serviced ... certainly, not by someone like yourself who has yet to understand regular lubrication of any-and-all EXPOSED moving parts (i.e., the rusty chain!) is important -- your chain is/(was) a moving part that needs to be lubricated!
FYI. Based on the fact that the prior owner had changed so many components, I would presume that s/he had re-packed the hub bearings at that time (the last few years) and they are probably NOT in need of immediate (or, in the next few years) service (unless the bike was sitting in the bottom of a swimming pool OR river/lake) BUT your chain apparently was!
This is stating what should be obvious, but I'll mention it since you do not seem to have a signficant amount of prior mechanical experience -- you will need at least TWO CONE WRENCHES (they come in different sizes) + light "automotive" grease to re-pack your bearings. CONE WRENCHES are amongst the tools you probably do NOT already have in your toolbox, so you need to buy them from your LBS, mail-order (e.g., Nashbar), or eBay -- you need to know the size of the NUTS on the particular hubs.
While you can glean ALMOST ALL the information you need through the PARK TOOL website & other venues, do yourself a favor and buy one of Zinn's maintenance books -- at this point, the one related to ROAD BIKES would be the better choice for you.
REI used to have "seminars" (a small fee is involved, AFAIK) on bicycle maintenance ... if there is an REI near you, then you should call to see if they still have them & plan on attending one if they do.
BTW. Freewheels are legion ... and, will be generally availble for the next few dozen years if not in perpetuity.
Have you replaced the rear derailleur cabling & housing, yet, OR did you go for a ride with the bike as previously pictured?!?
When you do change the rear derailleur cable & housing, lubricate it with a thin layer of grease.