My work-in-progress 1974 Raleigh International has proven to be a comfortable all-purpose rider. I recently replaced the pedals with some nice Shimano pedals, not pictured here. I've been commuting on the bike and hauling stuff with it. The handlebars were creaking recently, so last night, I regreased the stem copiously. There is another tick or creak I haven't tracked down.
Now that I know I like the bike, I'll invest in a different drivetrain and maybe build a new rear wheel for it. I want a wide range of gears and brifters. Right now, it has a 2x6 friction drivetrain with stem shifters. The low gear is a 42x26, which works out to a 43" gear, which doesn't make climbing steep hills easy.
I also plan to install fenders on it and then figure out how to mount the dynamo-powered tail light.