What appeared to be heavy corrosion on the crankset and RD turned out to be dried white lithium grease so that's one for the win column. Wheels will clean up "OK", another plus, but still destined for the Varsity. The seat post is STUCK. It's currently soaking in Kroil and I'm guessing this one will take about 5 days of soaking and giving it a good smack every day before it budges. But budge it will.
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".....distasteful and easily triggered."