Well Wrongway
Color combos are subjective, but two-tone it the same as the factory did using a color you prefer. A Candy Tangerine replacing the red,
with a contrasting satin silver white Pearl to replace the white would be me, but think 60's style paint - Lime Gold, Candy Grape or Rootbeer colors, contrasting with silvers, satins and creams.
50's style colors would work too but they can be trickey when combining contrasting colors.
3-speed hubs with coaster type brakes are made brand new by Sturmey Archer and others, you just got to lace them up or have your bike shop do it.
LED'S work great on our old tanklight bikes, easist way is to remove present bulbs and reflectors, go to your local store and find LED flashlights the right diameter, ( you did bring the orginal reflectors with you - right? pull the reflectors -bulbs out of the LED flashlights affix to a plastic plate with silicone to fit in the tank behind the original lenses -( can you solder? because you'll probably have to) - use proper voltage battery tray for your new lights or use the battery holders out of the flashlights. Believe me, at nite it will light up a 30 ft path in front of you.
For rear LED, go get any flashing/steady red light at any bike accessories and fashion a rear light usiing you existing holes in the rear carrier.
I will be putting together a middleweight tanklight bike using updated accessories and multible gearing with front drum brake for easy stopping power, I will keep the color the same though because it has some cool factory applied pin striping that I wouldn't want to spoil.
I'll post pics as I go along, but it will be a while before I get to it because I am motorizing an old JC Higgins right now.
Oh, and unless you weigh 135 lbs or under, replace seat with something more suitable for your weight.