The chain was shot and so were most of the gears, but I still haven't replaced the gears since they're an awkward configuration (and thus difficult to find replacement parts for). I never really noticed how messed up the chain rings were before. I have bent/broken teeth and the original rear cogs are all worn to hell. I replaced the bearings in the rear hub and replaced the grease. There was some pitting on the bearing races, but it'll do for now.
SS conversion kit: $18
brake line: $2
misc grease/lube: $5
Tool cost (chain whip, chain tool, freewheel tool, flat wrenches): ~ $25
So, for less than $75, I have a fun beater bike AND a small set of bike tools. I'd feel comfortable leaving this bike locked to my trailer hitch at work so I could do evening/lunch rides without having to lug a bike up an elevator.
So now, I have the new chain soaking in degreaser overninght to unseat the packing oil from it in preparation for a helping of White Lightning tomorrow after it dries.