Here is what I did to the bike. As I disassembled everything one piece at a time I immediately either put the part in a box or put it aside to assess if it needed replaced.
Seat - Is the original as the newer one has not come in yet.
Handlebars - Cleaned with rust removal procedure
Crank - Original, was bent slightly on top ring, cleaned.
Bottom Bracket - Cups, bearings, etc. removed redone.
Headset - Bearings replaced, crown race replaced, cups had to reused due to no availability (were
still in great condition)
Brakes - Calipres are new old stock (luckily found some online), new cables, new pads, same levers
(cleaned up very nice a few pits here and there).
Shifters - Replaced, new cables.
Rear Derailler - Reconditioned (take apart same method as Alex shows on video, also submerged
complete assembly in solvent and clean thoroughly).
Front Derailler - Recondition (same method RD) *Could have replaced but was no need to.*
Rear Wheel - Truing was a monster, in time wheel will be replaced.
Front Wheel - Truing came out nicely. Probably will replace with rear as pair.
Tires - Need to be replaced, ok for now
Inner Tubes - Were replaced.
Hubs (Front and Rear) - Were installed with new bearings and outer hardware, axles same.
Freehub - This was rather a pain, it was the one shown here in this video http://forums.bicycletutor.com/thread-1230.html
and for the life of me could not find ANYWHERE (even asked Calvin Jones of Park Tools)
how to remove the freehub assembly. I improvised and got lubed well though.
Chain - Check it with a CC-1 and the CC-3 for wear and was in really good shape. Cleaned it after
removing it in solvent and came out nicely.
Painting it was another story lol. With everyones help from another thread I used chemical remover to take off the old paint and such. This gets pretty messy and should be done in a well ventilated area. Then I put 2 coats of primer, sand each coat. Next came the paint which was 2 coats sanding in between each one. Then after drying time I put on the clear coat. I stayed with using the same kind of primer, paint, and clear coat, Rust-Oleum. There are some flaws in it but as I stated it was my first paint job. This was not the whole process listed but pretty much outlined.
Frame alignment - I used the Park FAG-2 to check the frame alignment and it was great.
Forks - These I had to bring back in to place using the Park FFG-1.
Chain line - This was easily accomplished by using the Park CLG-2.
Other then that still have to put on the drop tape, adjust the cables, and few other minor things and hopefully I can sell it!
Good maintenance to your Bike, can make it like the wheels are, true and smooth!