Problem #1 was addressed today. The rear axle/chain adjusters were broken many years ago. Someone tried to drill them out. As Alex would say, "Real Horrorshow!" I've got a buddy with an EDM. Electrical Discharge Machine. You put in the electrode that is appropriatlely sized and it eats through whatever is in its way. Now that the steel is gone, I can arc in some aluminum and go about the process of getting some threads in place.
This bike will never see all the bells and whistles that some have, but it is certainly worth a trip to the vet!