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I purchased this old kids bike in a very sorry state after a first-hand look and a bit of haggling. The seatpost, stem, and pedals had no signs of grease and the guy said he had it from a shop closing down sale in the pre-MTB years.
Anyhow I got started fingernailing off the surface rust with a sacrificial microfiber and did all that good stuff that I enjoy about bicycles (except with bushings, and steel everything).
Waited for some light to take pics - was very pleased once it was out in its element! (sorry about the focus) I've not been able to test ride it sadly... 16" wheels vs 36" legs
if you got the legs for it, it could work.
Are you a long-legged model or the standard base model human?