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Above, you see the bottom bracket shell which is dirty and grimy and needs a good degreasing.

It is imperative to overhaul the headset, seen disassembled above, to ensure smooth, clean steering. On older Schwinns, there are multiple lock rings and 'races' which house the bearings. The race is the silver cup in the middle left of the photo. The lock rings and bearings are drying at the right. Once I clean and degrease each of these parts, I then regrease them to make sure they roll smoothly. I prefer Phil's grease, myself.

Here is a long view of the frame with a new bottom bracket and an overhauled headset.

And finally, a close up of the new bottom bracket. Next up, install the crank and true and redish the wheels.

First, you need to track down a bike worth updating, which is no easy task. Dealing with Craigslist and the characters you will meet is just the first obstacle. From there, you need to find a bike with solid tires, a clean (ish) frame, a three piece bottom bracket and that's all before you consider the aesthetics.

The next treat is one of the most glamorous chores: removing all the old gears, cabling, lights, reflectors, brakes and calipers and whatever else these guys added to improve the functionality and decrease the looks of their old rig.

Above was a rear derailluer, below is the aforementioned three piece bottom bracket. All garbage now.

Next up, cleaning and degreasing the frame and prepping the bike for a new drivetrain.

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Yes, this could have better lighting, but I had to commemorate this ride as five of us went out for a good hour ride through the darkened streets last night.