rickpaulos: My 2 little contributions are:
AA) I've seen numerous 70's bikes with ALPS bars on them. One bike is my 1972 Hiawatha and, if I was at home I'd be able to show you a loose set of bars that were pulled off a Norco hulk of 70's vintage. For some reason, those ALPS "Road Champion" bars are relatively common in Canada.
BB) the Titlist rear der is definitely 70's stuff, probably late 70's which, according to what I've been able to find, was the end of the Titlist name. Yours appears to be the final version released around 1977, so that fits with the Penney catalogue dating.
IMHO, that Penney bike seems to be a parts bin special with probably a single run from a single contractor, so is probably quite "rare"......although not worth much except to a collector of oddities.......and there ARE guys like that.
