New guy from Chicago

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Hello, I'm new to the forum and to classic/vintage bikes. I just got a Schwinn Jaguar Mark IV from a relative that I am going to try and fix up. I'm hoping to keep it simple and on the cheap so it probably won't end up in the gallery. I'm stoked on this project and hope that I can finish it fast so I can get out there and ride.

I started tearing it down already so no pics yet. It's a red jaguar that's complete except for the rear fender and racks. It's got a lot of surface rust on the frame that I'm hoping to clean off somehow without ruining the paint. I pulled the crank and found one broken bearing ring with bearings in the bottom bracket. The wheels are really rusty. I started using a brass brush and aluminum foil on them. The rear was so bad that I disassembled it to try and get the rust off the rim (the spokes are badly rusted but the bendix coaster hub seems good).

The tires were trashed so I ordered some white-wall nirves (I know the size is off but hope to build new wheels with the original hubs). There's a swap meet this weekend that I'm going to check out. I'm hoping that I can find some parts.
 
Thanks for the info on bike night. Handlebars a great place. Once I get the bike together I'll try and get to one of your rides.
 

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