Remove the dual top tubes, cut the seat post down. You'll have a much lighter small framed (kids) bike. It will look much better for it to, what the hell were they thinking?
I've owned a few and know how bad they can be. I once got into quite a bunfight with someone because they thought it was sooooo special. Those of you with longer memories will know that they did a posh version with Columbus tubing - which was still terrible but at least better finished.
I think it's cool, nice to see something different now and again, that's what that kind of era of bikes is all about! I think you should build it up as it is and bring it to Mike's ride on the 23rd!