SkinGriz

Congrats!

Yes the crankset is heavy…but the Schwinn cranks are much higher quality than generic OPCs. I’m stripping the cranks out of wifes suburban to use in another clunker build.
The cranks that came on that cruiser were just the cheap bent rod that I can tell is bent under my feet.

So… if you put a modern conversion kit on you can send the cranks my way. I’ll gladly pay shipping.

tkamd73 

One of these saddles would look great on that Varsity, and triple the value at same time!😁
Tim

Vintage Schwinn

Your '72 CAMPUS GREEN Varsity looks great.

A way that one can significantly improve an ancient VARSITY is to find the MODEL J freewheel that came on the 1970 -1976 SUBURBAN 5 speed or '70-'77 Collegiate.

What this will do for UPGRADING the VARSITY is that it will Give You SIGNIFICANTLY BETTER HILL CLIMBING CAPABILITY.

If you live and ride anywhere with HILLS, you will want to make this switch to the 32-26-21-17-14 (MODEL J) instead of the Varsity's 28-24-20-16-14 (model F).

****** You will NEED to change out the REAR DERAILLEUR to either a Maeda SUNTOUR unit --OR-- a SHIMANO unit that easily shifts a 32 first gear cog.

None of the European rear derailleurs are worth a damn at reliably shifting a 32 Cog.......so don't be tempted to try finding a long cage Allvit or any Crappangnolo unit, as you just cannot beat Japanese quality and reliability as far as rear derailleurs are concerned.



Making this single change to your VARSITY will make it much more rideable if you ride in an area with hills UNLESS you are already a very strong rider!

YOU WANT THE 14-32 freewheel (MODEL J.......made by Shimano for Schwinn) ....IMPORTANT: it is only found on the 1970 and later FIVE SPEED SUBURBANS and 1970 and later FIVE SPEED COLLEGIATES BEFORE THE FFS arrived on the scene......so 1970-1976 Suburban 5 speed, and 1970-1977 Collegiate.

Making this FREEWHEEL swap, will give your '72 CAMPUS GREEN Varsity the same GEARING that the '71 Super Sport had, though the SS isn't an electroforged Schwinn and its frame geometry is not as relaxed.


You cannot SOURCE the freewheel from a 1964-1969 Collegiate BECAUSE THAT HAS EXACTLY THE SAME model F 14-28 freewheel as the VARSITY.
You cannot SOURCE the freewheel from the CONTINENTAL or the 10 speed SUBURBAN because those have EXACTLY THE SAME model F 14-28 as the VARSITY.

THE CONTINENTAL from (the late sixties & the seventies) with electroforged frame and 1 piece crank IS NEARLY EXACTLY LIKE THE VARSITY.
The Gearing is exactly the same, the frame is the same EXCEPT that the Continental features a TUBULAR FRONT FORK, instead of the forged Ashtabula blade fork.
The CONTINENTAL features CENTER PULL BRAKES, and the Continental has lighter handlebars and stem........

THE SUBURBAN 10 speed is an UPGRADED VARSITY TOURIST...............last year for Varsity Tourist was 1969......first year for SUBURBAN was 1970
The SUBURBAN 10 speed has the same exact gearing as the same year VARSITY , except that the SUBURBAN features the Tubular front fork from the CONTINENTAL.
All the SUBURBAN models feature the Tubular front fork, yet they all feature the L.S. 2.4 weinmann sidepulls that the VARSITY has....not the centerpullls of Continental.
( ....yeah it is true that a few SUBURBANS did leave the Chicago plant with blade forks on at least a few days in ?? '74 when the assembly line was out of tubular ones, but excepting anomalies like that, the Suburban was an upgraded tourist version of "varsity".........................Suburbans were possibly uglier in that the colors offered in some years weren't as nice overall compared to the Varsity's colors......that and the fact that the graphics on the Varsity were more attractive for most years, as the early seventies graphics....model name lettering, etc on early seventies Suburbans tends to ghostly fade into the paint on some colors, notably the gold used on their '72 Campus green models...............it's a matter of opinion............but Suburbans had a much more conservative graphics and paint scheme at least until about '76.
Suburbans were probably more target marketed then to a 25 year old to 40 year old married adult with a house, 2 cars, a dog and cat, and one to three children,

A Varsity is a nice rider IF YOU AREN'T TRYING TO MAINTAIN A 18mph AVERAGE PACE WITH A GROUP OF RIDERS.
It is what it is, and delightfully so if you don't mind going SLOW and getting a serious workout...................all that EXTRA WEIGHT WILL DO YOU GOOD!
----------Stay Thin, RIDE A SCHWINN !!!


You can seriously wake up a two ton VARSITY by finding a used set of 27" (630mm ) aluminum wheels from some late seventies early eighties DONOR bike.
Fitting ALUMINUM wheels and UPGRADING TO A vintage freewheel with either the 32 cog as described above --OR-- going with one of Maeda SUNTOUR's or Shimano's aftermarket freewheel offerings of the SEVENTIES which featured a 34 cog first gear......................THERE ARE A BUNCH OF GOOD USED five sp, FREEWHEELS AVAILABLE with the 34 cog.....................really easy to locate from parts sellers on thE bay and here on BF and also the cabe.
You already know that you are not limited to just the ancient 5 sp. freewheels.......or the ancient 6 sp freewheels of the late seventies and early eighties.
....You already know that the old electroforged frame on the old Varsity will happily accomodate much newer and wider wheel offerings without too much difficulty.

I do recommend KEEPING THE ONE PIECE CRANK as well as KEEPING THE KICKSTAND.

If you ever decide that you want to ride UPRIGHT TOURIST STYLE, just buy the used 7881 SCHWINN handlebars and a pair of used aluminum Weinman/diacompe tourist handbrake levers ---OR-- just buy another ancient SCHWINN.................as it is always fun having more than one...
Collect all the Great Colors.............YOU ALREADY HAVE the great iconic CAMPUS GREEN that everybody loves so much.

If that HURET ALLVIT rear derailleur is not working flawlessly, I'd would immediately replace it with a Maeda SUNTOUR -or- SHIMANO rear derailleur.
That bike looks like Ziggy took the quatum leap back to 1972 and brought it back as a present for you.
Have fun riding it.

Schweinhund

What other bike, could you walk into any bike shop anywhere and tell them you have a varsity, and they would know exactly what you had?
Very very few. To make it ride great it's just a matter of changing out the wheels. Too much rotational mass, they don't turn well, or accelerate well.
Yes, the other stuff makes a difference, but aluminum 700c wheels just change everything.

dddd

That bike looks nearly new!

The reported "flat spot" feeling is likely just from a tire not fully seated.
As I mentioned earlier, it can take a few tries before a tire decides to seat evenly on the Schwinn steel rims (rubbing alcohol spray reommended).

The rock-hard Weinmann brake pads fully expected. Replacement pads need to be compatible with steel rims, some pads will melt on steel rims.

Sierra

Gotta have one Varsity.
Mine is 10 years older.

Smaug1

Holy smokes, thanks for all that info, vintageschwinn!

It’s more than I want to do on this bike, though. I would do new wheels if it doesn’t mean I have to start messing with derailleurs and cassettes. And if it’s not too spendy.

I’m fine with it being heavy and old tech, I have modern bikes to ride when it’s serious. I just plan to tool around town on this, reveling in the stares I’m sure to get. I won’t be able to make time on it anyhow; people will be stopping me to tell me their own vintage Schwinn stories. :-D

I think my first step will be to drop it at the LBS to get an estimate for them to tune it up. (Including wheel truing and new cables and pads) If that’s eye-wateringly expensive, I’ll look into getting a bike stand and just work my way through things slowly. I have basic mechanics’ tools, but not much specific for bikes.

I found a used Park Tools bike stand locally for $150, but with the amount of work I do on my bikes, I’m not sure it’s worth the investment. I know, that’s sad to you bike techs out there. I just don’t have a lot of free time with work and family commitments…

Smaug1

This thread is an encyclopedia of knowledge. Thanks so much, guys!
I'm copy & pasting it into a text file for future reference. (along with a link to the thread, in case I lose the bookmark for it)

Smaug1

I guess if the intent is to resell or ride competitively, you're right. Luckily, that's not my mission.

In my case, the tires, tubes and bar wrap are all fine, and I have a saddle for it. I WILL need brake pads and possibly cables & housings. The cost of WHEELS is what scares me, esp. with people talking about aluminum ones... Aren't they $100 a pop or something? I just updated my signature, you can see I have higher-performance bikes when I need one. (like the Domane I got last week)

Tim, what does "EF" mean?

Believe it or not, I did, a nice Electra Townie GO! 7D. She does OK on that some times, but sometimes, she's slow on that too. I just sold her old Electra city bike that she NEVER kept up on.

Thanks for reminding me, I have a black B67 (the sprung version of yours) that would work. By the way, next time you're in the market for a seat like that, check out Selle Anatomica. They make leather seats in that style, but they have a different method, so the leather isn't rock-hard when it's new. I have one of those on my eBike and I don't think I'll buy a Brooks again.

Once upon a time, that was true, but the bike techs with that kind of legacy knowledge are aging out. My local shop that is closing soon is owned by such a man, but he trying to sell the place so he can retire. (EPA issues are preventing him, so I'm still able to use him)

tcs

ElectroForged.

https://www.sheldonbrown.com/varsity.html

Schwinn also fillet brazed and lug brazed bike frames during this same era.

Jeff Neese

A set of new wheels from Velomine can be had for under $200, and they're very good quality. I bought a set of Velomine wheels for my vintage Fuji and am very happy with them. These would fit your bike:

WEINMANN LP18 SILVER 27" 126mm ROAD 5/6/7 speed wheelset

However, for a Varsity you're better off looking for a cheap set of wheels on Craigslist. Or it might be easier to just buy a parts/donor bike. There are plenty of those on Craigslist for under $100.

SirMike1983 

I agree with VintageSchwinn - keep the one-piece crank and the kickstand. They're part of the Schwinn Varsity experience.

repechage

I would ditch the kickstand, just keep the pin with, we used to plug the tube with a chrome handlebar plug on our Sting-Rays.

the iconic parts for me are the chain guard and pie plate, stem shifters, plastic color matched handlebar tape.

repechage

that places one in Sports Tourer or Super Sport tiers.

my pre-war New World has a fillet brazed frame, BSC threaded bottom bracket even.

Velo Mule

I just rode my Schwinn Continental today. It has a great ride. For me, when I was young, I shunned Varsities and Continentals, now that I'm older, I see them as iconic. But there is more to the story, at least for me. I picked up a Raleigh DL-1 and loved the slack geometry but the bike was too big for me. I started thinking that a more modern version of a DL1 that fit me would be neat with better brakes while retaining that geometry. Then I had an epiphany, the Varsity and Continental have a laid back geometry. Perhaps not as laid back as a DL1, but it should give some of that feel. I was on the hunt for a Varsinental.



My Continental started out for me pretty rough. Because I am hooked on old bikes I have befriended some scrappers and I let them know I am on the lookout for old bikes. Through one of those connections, I got a Fuji Espree and swapped the wheels and rear derailleur. The original Huret isn't terrible but the SunTour ARX shifts better. The front Huret is good.

@Smaug1 , your Varsity skips the need for all the painting and polishing that I did. Good for you for jumping on that deal. You paid the same price as I did for my derelict example. But I was still happy to get it. As you can see in the picture above, it turned out nice.

As you can see from all the comments, the Varsinentals are polarizing. With some thinking that these are just bicycle shaped boat anchors and others defending them. I like them and I have to thank @dddd for encouraging me to keep it close to original, even though I wanted to tinker with everything.

Enjoy your Varsity. It looks absolutely great. I love that Campus Green color. Since I was painting I could have painted it any color I wanted. Campus green is a great vintage Schwinn color. And you have the bar tape in good condition to go along with it. The Schwinn chrome is excellent and will shine up nicely. In my opinion, your bike looks too nice to use aluminum foil on. Just chrome polish should do. You might want to do the greasing of bearings yourself after getting the estimate from the bike shop. The same with replacing the cables and cable housings. If that is the case, we'll help you through. Oh, one more thing, since I'm trying to keep my Continental looking like it came from Schwinn, I got Ice Grey cable housing. Grey cable housing with the Campus green looks good if you are staying close to original.

SkinGriz

Is this an IGH bike?
Is there a build thread on it elsewear?

1989Pre 

If you are riding more than a few blocks, then do yourself a favor and hang it on your garage wall.
Some better recommendations:
Peugeot UO-8
Raleigh Grand Prix
Bianchi Sport

Smaug1

Thanks, but I don’t really WANT a better bike. I already have a “better” bike than all of those you recommend. ;-)

I’m not trying to get into vintage bikes, just scratch the itch for a Chicago Schwinn.

Vintage Schwinn

There isn't anything on a SCHWINN VARSITY that you cannot service by yourself at home. They are really that simple.
Sure, you can get the LOCAL BIKE SHOP to REMOVE the FREEWHEEL for you because they have the tool to do it.
Yeah, that would be worth it if you want to remove and regrease the existing freewheel ---OR--- if you want to swap on an OLD EXCELLENT CONDITION -USED freewheel with either a 32 or 34 cog as I previously spoke about in the earlier reply above.

Everything else you can do and you will not screw it up!!!
You just can't mess it up too badly even if you were to try to screw it up.
CABLE REPLACEMENT is surprisingly easy BUT I'M BETTING THAT YOU PROBABLY DON'T NEED TO........as you likely can relube your existing cables since that bicycle is so well preserved.
Here is what I mean by that: You may be able to simply snip off the frayed very end portion of both front and rear brake cables(the exposed cable excess....)
OBVIOUSLY, YOU NEED A SUFFICIENT AMOUNT OF EXPOSED CABLE EXCESS BEYOND WHERE IT CLAMPS DOWN.........the reason that I mentioned the frayed end portion is possibly that they did fray without an endcap......BUT PERHAPS ON YOURS THEY DIDN't FRAY because it looks like a new bike even though its 51 years old. ...............................***the ONLY REASON that you'd even consider barely snipping the frayed end, IF YOU HAD A FRAYED END, is so that you can then EASILY RE-THREAD THE EXISTING CABLE back after RE-GREASING IT WITHIN ITS ORIGINAL CABLE SHEATH (housing).
---------I've done that many times on old sixties, seventies and eighties Ten Speeds and Five Speeds where my neighbors always had the bike stored indoors.... IT WORKS PERFECTLY if the cable is in decent enough condition.....................It is practically the same as changing out the CABLES except that you don't have to CUT NEW CABLES TO LENGTH & YOU DON'T HAVE TO CUT NEW HOUSINGS TO LENGTH.......
*****( I use the same "GREEN GREASE" synthetic waterproof grease that I use on the two Number 64 (#64) caged bearing assemblies in the Schwinn One Piece Crank Bottom Bracket...........just get a small piece of aluminum foil about the size of a POST IT NOTE or the size of a one J<>B DOUBLE WIDE ROLLING PAPER ....then fold that piece of aluminum foil in half and then lightly "butter" the aluminum foil piece at its inner fold crease..........use a throwaway McDonalds plastic knife to lightly butter the aluminum foil..............then slide the currently unsheathed exposed cable across the small piece of aluminum foil that you hold in the palm of your hand...after doing that to lube the the cable.......RETHREAD the CABLE BACK THRU THE SHEATH(housing)........
.......Hey, that method may be frowned upon by many people but it certainly does work well assuming the cables and housings are still decent enough, and the cables remain long enough to properly re-attach after "you trim off the split-ends" if there were any split-ends to begin with........................you realize that the ONLY reason that you trim the ends IS IF THERE ARE split-ends(frayed ends)............reason why? because frayed ends will not easily RE-THREAD back through your existing housings, etc........................you got that, don't you.
------------YOU CAN GENERALLY OFTEN TIMES DO THIS WITH your existing rear derailleur cable (REAR GEAR CABLE) IF AND ONLY IF YOU HAVE ENOUGH EXISTING EXPOSED CABLE BEYOND WHERE IT CLAMPS DOWN AND THAT PORTION ISN'T TOO FRAYED...............typically very easy to do on Schwinn GT 120 and other Shimano Skylark/Lark derivatives throughout the Seventies............
You don't typically have too much of a chance doing that method on front derailleur cables BECAUSE TYPICALLY THE EXPOSED CABLE ENDS ARE BENT SIGNIFICANTLY where and after where their attachment point is on the front derailleur, and it is probably too hard to straighten them......re-lube as described above ...and re-attach them...BECAUSE you'd likely have Both A HARD TIME PROPERLY RE-ATTACHING SAID OLD CABLE THERE and YOU'D HAVE A HARD TIME RE-ADJUSTING THE FRONT DERAILLEUR TO PERFECT OPERATION........It would be a basic simple process but it might take you as a novice, two hours of adjusting it and more finely adjusting the Front Derailleur while riding a hundred yards at a time, testing the setting and making a very very slight change, and repeating that process until you get it right...................FOR THAT REASON ALONE, you do not want to mess with your FRONT DERAILLEUR cable IF THE FRONT DERAILLEUR OPERATES PERFECTLY....................you can SIMPLY oil your existing Cable with any CLEAN automobile Motor Oil that you may already have..........yes, some people frown on this method as also being a Jethro Bodine Barnyard approach but it is effective and it does work..........SIMPLY USE something like a GOLF TEE, or an ordinary nail, roofing nail, or just a toothpick or matchstick, and DIP IT IN THE MOTOR OIL (first pour just a thimble sized amount into the cap from say a 2 liter Coke bottle, --or-- the cap of the motor oil bottle itself) DIP THE GOLF TEE into that cap with the tiny amount oil in it, and THEN let the Motor Oil drip drops on to the CABLES where it emerges into the Housings (sheaths) WITHOUT EVER REMOVING ANY CABLES...............................Sounds Too Easy DOESN'T IT but it really works....just several drops of clean motor oil into the inside of your existing cable housings will do the trick to keep them working smoothly, if they are already functioning halfway decent enough.


You'll NEED to PURCHASE an approximately $17 no-name "red handled" BICYCLE BRAKE CUTTER from BIKESMITHS on Ebay.
It is exactly the same exact cutter tool as the "PEDRO's name branded "blue handled" bicycle brake cutter that sells for about $30 bucks and it is nearly the same in appearance as PARK TOOL version which may last longer but unless you're planning on changing cables on over 100 bicycles, you'll never know the difference because functionally they do the job perfectly, easily without any issues.
When I mentioned "red handle", this simply means that the handle is colored red on these $17 no-name (no name brand marking on it) items.
You probably will see four or five different Ebay vendors carrying these........It makes zero sense to order direct from Shen Zhen China so that you can get it for $13.97 free shipping if you need it to do your bike(s) within a week...........................vendors on Ebay such as BIKESMITHS, TRAILTHIS, BELL'S BIKE SHOP are well respected online bikeshops with Ebay stores, and thus have outstanding Ebay % ratings and are known to provide near perfect customer satisfaction all the time.

Now for any old bicycle needing new CABLES, the BELL PITCREW 600 Cable Set is an excellent choice, as it is extremely inexpensive at approx ~$12 , yet it is a decent quality Cable Set, however the CABLE HOUSINGS are BLACK..........and for the SCHWINN TWIN STIK (s) (s) --OR-- (S) (S) or the single stik.....or very old Huret shifter, YOU WILL HAVE TO FILE DOWN THE CABLE ENDING PIECE to fit the Schwinn Twin Stik, etc or the Ancient Huret shifter.
Other than that, the BELL PITCREW 600 CABLE SET is great for any old bike that needs new cables.
The BELL PITCREW 600 CABLE SET includes TWO NEW ALUMINUM ferrules (those ferrules on typical Weinmann/Dia Compe BRAKE LEVERS.....where the CABLE exits from the Hand Brake LEVERS....that Aluminum Ferrule is included....actually two of them)
Remember that if for example you are swapping an old 10 speed from drop bars(racing handlebars) to tourist handlebars, and thus you are sourcing a good USED pair of alloy WEINMAN / Diacompe TOURIST TYPE HANDBRAKE LEVERS.............you need not worry if you don't get the ferrules from the Ebay used part seller or from the junk pile at the co-op because the BELL PITCREW 600 CABLE SET provides them.
The BELL PITCREW 600 CABLE SET will work as a decent replacement cable set for about 95% of old bikes, as you have both types of BRAKE CABLE ENDS.....the ASPIRIN TABLET shaped end and the the smaller slim mushroom bullet end that many road bikes use...................YOU SIMPLY CUT OFF THE ENDS WHICH YOU DO NOT NEED and then those become the bare cable end of your brake cables.

For TRUING YOUR ANCIENT SCHWINN'S WHEELS: You ONLY NEED AN ANCIENT SPOKE WRENCH with the one spoke slot and horizontal T ears.
Its a simple old time steel ONE SIZE spoke wrench that probably sold for $0.79 at Western Auto, JM Fields, Kmart, OTASCO, SEARS, and Hardware Stores during the 1960 to 1973 era, and they probably sold for between $1 and $1.69 for the remainder of the Seventies.
These old spoke wrenches are steel, approximately 1/2" diameter and approximately 1" tall with the almost 4mm wide routing groove, and 15mm ears protruding out like a T.......................................that is all that you need as those fit the old spokes perfectly and you cannot damage those spoke wrenches and you have extremely good leverage with those old timey steel spoke wrenches too.............................There routed slot is the entire 1" tall so it will likely grab hold of even the most beat up and worn/partially rounded off ones....................................I would imagine that somebody likely sells current reproductions of this ancient spoke wrench for approximately ~$8 or so. If you can't find them, somebody over on the CABE can surely tell you exactly which vendors carry them.

Your're going to need a 12"/300mm (twelve inch) crescent wrench from HARBOR FREIGHT.......the least expensive one is what you want......YOU NEED THE 12"/300mm BECAUSE IT IS THE WRENCH IN WHICH THE JAWS WILL OPEN WIDE ENOUGH TO FIT THE NUT ON THE LEFT SIDE OF THE 1 PIECE CRANK.
So simple! : After removing the LEFT SIDE PEDAL, the ONE PIECE CRANK after removing the Nut, etc......THE ONE PIECE CRANK ASSEMBLY EXITS OUT THE RIGHT SIDE.............no need to remove the right side pedal, and Don't Mess with the Chainwheels as there is no need to remove them, as the whole assembly removes as one piece, and then it goes back just as simple as it comes out.
-------------------ALL YOU NEED IS A flathead screwdriver, the wrench that fits the left side pedal, and the 12"/300mm approx ~$9 HARBOR FREIGHT crescent wrench.
Certainly you understand that you can move the rear derailleur forward gently by hand to slacken the chain to get the chain off the front chainring......once you do that and then after undoing the left side pedal and the NUT etc on the left side of the one piece crank.................THE ENTIRE CRANK ASSEMBLY WITH CHAINRINGS AND RIGHT SIDE PEDAL STILL ATTACHED will come out as as single unit.............................YOU HAVE two #64 caged bearings ...........................................you can clean up those perfectly in Formula 87 (what powers your Briggs & Stratton lawnmower engine) ..............do it outside away from pets, buildings, open flames, sparks, etc.....but have two coke cans cut in half........put just enough formula 87 in each coke can, just enough to drown each caged bearing ,,,,,,,,use two cut in half coke cans BECAUSE you ideally want to place them back where they originally came from, BUT IT REALLY DOESN'T MATTER.
The ANCIENT ---SCHWINN-- stamped #64 caged bearings were the best quality in terms of ball bearing material and durability, but even todays Chinese new replacement #64 caged bearings are more than adequate, but if you've got the ancient ---SCHWINN--- stamped used ones in great shape, you should simply clean and re-install the old ancient ---SCHWINN--- stamped caged bearings......................Hey, it does not matter if the brand or markings on the bearings are, or if one is a new Chinese replacement and one is an ancient ---Schwinn--- from 1972, or from 1946, or from 1958, or if it was at Woodstock in August 1969 but the mud there didn't bother one of the bearings.......
Don't be a doofus who thinks, uh duh duh, well loose bearings are better than caged bearings BECAUSE THAT IS TOTAL B.S. and the caged bearings function flawlessly, so don't invent problems because the old one piece crank is both a marvel of simplicity and it is supremely durable and any 11 or 12 year old boy in the fifties, sixties, or seventies could service a one piece crank in less than 45 minutes on their first attempt......
IMPORTANT: it is my opinion that you should choose to use SYNTHETIC WATERPROOF GREASE....suggest that you choose "GREEN GREASE" which comes in 14oz plastic cylinder that looks like its the size of a large minute maid frozen orange juice concentrate can from the old days. "GREEN GREASE" is out of Texas and every major auto parts chain carries it. The plastic cylinder is a cartridge for a grease gun, but you will simply open on end and then recap the cylinder after spooning out what globs you will need, and recapping the end with aluminum foil and rubber bands........ All the Synthetic Waterproof "axle/marine trailer' greases are all compareably priced so it does not matter what brand that you buy..............................you could use a can of ancient military spec axle grease from 1944 but it won't be quite as good but it will be as good as what originally was used from then.... ........................Grease is inexpensive and the synthetic waterproof grease will give you longer service intervals and likely better protection of the bearings from any rusting/pitting

Everything else is extremely simple on a VARSITY.
You can service the axle bearings or YOU CAN JUST DO THE golf tee MOTOR OIL drip and spin the wheel.....repeat.....do both sides.
Heck, you can do this to the FREEWHEEL too, the golf tee MOTOR OIL drip such that fresh new motor oil seeps into the freewheel...
.....Yeah this is probably frowned upon as as Barnyard, Backyard Bubba wrong way method but it is in fact effective, and is always better than doing nothing at all.


The Maeda SUNTOUR rear derailleur that I recommend that folks seek out is the SUNTOUR V GT luxe
It will handle anything you want to throw at it, whether its a big 32 1st gear cog or a giant 34 teeth 1st gear cog, so if you wanna find a FREEWHEEL with hill climber capability, that SUNTOUR V GT luxe will do an outstanding job.
My wife had a Takara model 732 (a 1976 model I think) from about Xmas 1976 to about 1981 until her sister borrowed it and never gave it back.
Nice bike that had that SUNTOUR V GT luxe as factory equipment with the separate metal hook attaching doo-hickey similar to all bikes of that era, that let it mount on that Takara 732 frame, or any old era frame such as Varsity etc.......that Takara 732 was really lightweight and has bar end shifters and had a big 1st gear cog on the freewheel. Her sister still rides it and has done at least twenty sprint triathlons on that old Takara 732, so you can say my wife's sister owns it.

The Stem and Front Fork on a Varsity are so simple to service the bearings.
You cannot screw it up if you follow generally accepted guideline instructions that you find among Varsity, & Schwinn specific threads here on Bikeforums, or on The Cabe or elsewhere on the web or out on youtube.
There are no simpler bikes and perhaps nothing is as bombproof as an ancient SCHWINN.
DO WHAT YOU CAN DO........let your local bike shop do the specific things that you may be uncomfortable and totally unfamiliar with (such as removing a freewheel, etc). TRUING A WHEEL IS EASILY DONE.................it will be extremely time consuming for a first timer BUT that is IMPORTANT because YOU MUST PROCEED SLOWLY AND repeatedly Spin & Check and then make specific very slight spoke turns here and there..............YOU CANNOT JUST Willy-Nilly START TIGHTENING SPOKES WITHOUT ANY PROCEEDURE TO FOLLOW.......you'll taco the damn thing.............but once you realize what happens, you'll understand..... it is that simple but it still will take you a long time, because most of that time should be checking and re-checking and only making very minor tweaks before rechecking and repeating this over and over....spinning the wheel and re-checking...repeating, etc.
Professionals can do it five times faster but it will still take them some time if your wheel is Outta-Whack so be prepared to pay for that in Labor charges if you don't improve it to very close before giving it to them to do the final truing.............................you likely can do it all yourself so you can likely save some dough there.
Do use the local bike shop for certain things. They do an outstanding job on any ancient Schwinn that they choose to work on. Some younger very experienced mechanics there might feel embarrassed to be seen working on a low life Schwinn that they would be embarrassed to own......but that is just how it is, as not everybody appreciates anything that exceeds 22 pounds.

The CABE has a thread STICKY with the near 1000 page Schwinn Shop Manual in two volumes, but navigating and finding specific details on certain model bikes can take you 35 minutes because those Shop Manuals were designed specifically for the Schwinn dealership service departments.

You DON'T NEED to go to 700C (622mm) aluminum wheelset. YOU CAN STILL FIND Good USED 27 (630mm) aluminum wheels.
THERE ARE STILL EXCELLENT QUALITY 27" (630mm) tires in the 27 x 1 1/4 (32-630) TIRE SIZE.
Certainly you have MORE OPTIONS with 700C wheelsets today, and thus importantly you have more and perhaps better options there especially if you want a Wider 700C tire that is in the 37mm or 38mm tread width range..................................A WIDER TREAD WIDTH WILL TYPICALLY GIVE YOU EVEN MORE OF A CADILLAC - ROLLS ROYCE RIDE when it comes to the old Electroforged SCHWINN frames...................................a Collegiate for example rides like a dream compared to the VARSITY/CONTINENTAL/SUBURBAN when the tire is evenly mounted ( the 37-597 "schwinn" tire is a bear for novices to mount properly on the Collegiate/Breeze 597mm wheels)
-----You don't have to go to 700C when considering replacement wheelset or wheelset change BUT THERE ARE REASONS WHY 700C may be a great choice.
It Is My Opinion That 700C is the BEST CHOICE only if you are going for WIDER TIRE RUBBER, such as at least 35-622 if not at least 37-622.
It would be incredibly STUPID to change to 700C with narrower tire or the same. You'd Get ZERO Benefit.
The dumbazzusses here on BF would argue well you could run with super expensive great tires but that is just boneheaded thinking as some great 700C 25mm --622mm tire/wheel on a damn Varsity is as moronic as the same idiot doofusses that say remove the world's best kickstand and convert to a modern lightweight alloy 3 piece crank.
Wider 700C is the way to go if you go to a 700C aluminum wheelset.

The fellows that say keep the GREY CABLE HOUSINGS are correct.
Buy the best replacement brake pads. They aren't very expensive and will be worth it if you like riding as fast as your feet can fly going up around the bend....have you ever seen the rain reducing the braking distance required for chromed steel wheels!


You've got a great one. Show it off and Ride it often.
Stay Thin, Ride A Schwinn!
Have lots of fun with it.

bikemig 

That is a sharp looking bike and a very nice way to repurpose a Varsinental.

Schweinhund

Do you think you're the only person here that's ever touched a schwinn?

tkamd73 

Yes, SA 2 speed kick back hub, 71 Sports tourer, there is a thread somewhere, but its tied in with someone else’s build.
Tim

Sedgemop 

Fascinating that a thread about a $40 Varsity has gone on for so long. To the OP, I think you probably can get away with just replacing the brake pads. Unless there's heavy corrosion, the cables should work for your cruising purposes with a little encouragement.

ramzilla

Schwinn Varisity's are probably the toughest bikes ever made. You can run over a Varsity with a 1/2 ton pick up truck & get on it and ride off with no problem. Schwinn wanted to preserve their brand name when they built the Varsity.

When the planet explodes - Schwinn Varsity's will be floating around in outer space for eternity.

That's it. That's all. Done deal. Be good. Have fun.

Smaug1

It has kind of morphed into "what should he do next with it?" and that's fine with me. I'm happy to have the suggestions and support.

I'm on the fence still about investing a bunch in tools, books, time etc. to fix it up. If I do, it will be admitting that I'm starting another hobby, and I already have too many. Soon, I would be like you guys, picking them out of the garbage or buying them cheap just to fix them up and try to make $10 reselling them. I don't know if I want to go down this rabbit hole.