Lamont Cobb

So I have a number of questions, the answers to which will determine what I do with this bike.

First, it she valuable? Please be frank. I wasn't born yesterday and I know that every time somebody pulls a fiddle out of granny's attic, they want it to be an Antonio Stradivari, and 99/100 times, it ain't. Plus, she's not a Schwinn or a Raleigh, so how valuable could she be? But you never know, so that's why I'm asking.

Second, although she's small, do you think I could ride it if I install a longer seat tube? If not, that's okay, because Wifey can still ride it, and if Wifey doesn't want to ride it, kids can always ride it when they come to the house.

Third, and related to the previous question, what would be a good Brooks saddle model that would work for both me and Wifey (i.e., not too wide, but not too narrow).

Fourth, this bike says on the frame that it's for touring. That's okay, I don't have the legs of Lance and wasn't intending to race on it. But should I outfit the bike to be a touring bike? I was thinking that some Ortliebs would be a nice start.

Fifth, one of the pedals is stuck and I couldn't pry it loose even with WD40. So I'm thinking, should I ditch the crankset entirely and replace it with a triple?

Sixth, I'm thinking that she would be nice with disk breaks. Are there are disk break conversion kits available? I looked online and couldn't find any. BTW I'm handy with a welder.

Seventh, should I replace the parts with modern parts or should I try to keep it "vintage correct"?

Eighth, this is not really a question so much as a request. If anybody has seen a review of this bike in Bicycling magazine, could you kindly point out which issue that was?

Thank you all in advance for your kind help. I'm new at this and kind of direction-less. I'm looking forward to your recommendations to steer me in the proper directrion.