Thanks for the input.
I think thats what my dad would suggest as well. My biggest concern is that I wont actually ride it because the gear ratio will be somewhat limiting. Maybe if a really cheap set of rims pops up then I might just go for it and test it out. I guess I have to be a bit more patient although i would love to take it for a ride before winter comes.
In terms of the frame it has the characteristic "N" under the bottom bracket. The serial number does not start with NP. The bike was purchased in Denmark and I have read on the forum that the danish bikes had a different numbering.
On the seat tube it says J47 vertically and on the bottom bracket its BT 2584 U. According to my dad he purchased it in 1984 which is consistent with the number and could indicate June, 1984. I don't know what the letters refer to.