Bet these lower headset bearings will clean up and ride smooth. We made great bearings back in the day.
Not sure what year the rear S2 is, but it's double-knurled and center stamped, and rusty. You can barely make out a few letters of the word "tubular." Both front and rear wheels came off a '67 Deluxe.
The S2 surely doesn't shine like it did way back when, but it's very serviceable.
So, first thing I had to do is find out if my kickback kicked back. My hope was that a hub rebuild wouldn't be mandatory to complete the build. Parts for these hubs are scarce and expensive, and you're buying old bits to boot (plus I don't know what I'm doing). Fortunately, it up-shifted, down-shifted and braked fine, repeatedly, meaning I can meet the "ride-able" requirement and leave the hub rebuild for some snowy February weekend. Spun nice and true, too, considering the state of neglect.
With the drivetrain testing completed successfully, I can finish dis-assembly and begin beautification.
Dis-assembly today. Crank doesn't want to come apart, so it's soaking for a day or so. Never been beaten by a Schwinn crank yet, but this one is looking tough.
I'm using Gibbs Lubricant to hopefully free up the crank. Love the stuff. I'll be using it to clean and protect just about the entire bike. Gibbs leaves a bit of a shine without being wet to the touch. It repels dirt and dust, and patinas the patina, if you know what I mean. The following pics are of the left rear dropout after one quick wipe down.
Your point about the well-made bearings is, well, well-taken. I have rarely had to switch out headset bearings on old bikes (if they had not been too loose during use) and most of the BB bearings clean up well too.