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@Andrew
OK, had another ride just now, and it's still good - nice tight ride, but there are some "issues". The chain is slipping on the rear cogs - maybe cos it's not indexed I didn;t have the chain line straight, but I think I did, and I wiggled it to and fro a little. And there is the creaky BB.
Here are some pics: https://picasaweb.google.com/115186524775716222095/MyNewOldBike?authkey=Gv1sRgCPCtw4D8tMiLCw
So...
The BB is creaking
The front rings are very very cheap pressed steel - look at the picture, I do like the way they have pressed the chain guard out of the larger ring, even sacrificing a four teeth (well the gaps between) around the rim.
The cranks; I am not sure how they are held on. Does not look like square pegs, it looks like the nut is bolted onto the end of the axle.
The chain is slipping on the rear cogs - and I did wiggle the gear lever around to get it lined up - did not help.
And finally, I need new pedals. But at least I have some Time iclic's to eBay to cover that cost.
The problem is, pedals aside, once I replace the chain or some cogs, or the BB or the cranks, I sort of have to do it all, don't I?
Anyway... any tips.... what is the best thing to start with? How can one do it piece by piece? I guess this is a question of experience, having done it before...