Well new tires are on, seat and bars are adjusted and some cleaning and lubrication has been done. I rode it today.
Shifter shifts the rear hub. I would not put money on the original seat or shifter cable lasting that long in use.
Any bicycle like this that has been sitting for decades is going to be a huge project if it is done up right both in time and money. Doing it right means complete disassembly, cleaning, lubricating and adjusting of every component and replacing any that are beyond repair. I did the bare minimum to this bike so it can be ridden on short rides to the grocery store or cafe, trips measured in city blocks only. One of the front bearing cones is pitted so in regular use it will destroy the entire bearing assembly, and I did not check or adjust the rear hub, crank or headset bearings.
Here is the bike with the new tires put on this morning etc.:
I think this bike may have had it's original tires and tubes from the 1930s. The tires were hard, cracked and crumbling, the tubes were soft and supple and could probably hold air except for the valves having problems.
The rims did not have rim strips, but notice how the tires have overlapping flaps to encircle the tube completely and protect it from the rim. Really cool....
The old Continental tubes were natural color: