Leach Marathon - Repair Project - (Newbie)

I got given a Leach Marathon by my friend's dad.

I rode it home, it functioned but made a bit of clunking noise from the cranks or bottom bracket when pedalling. Single speed, freewheel, working caliper brakes, aluminium dawes handlebars. The frame and forks have been hand re-painted a long time ago.

I decided to make this a restoration project. It's my first time doing anything like this.

So far I've taken everything apart, including the botom bracket, and taking the forks and handlebars off. I haven't lost any bearings and nothing appears to be damaged.

My plan is to clean everything, including the bearings and mechanisms. Then to sand, prime and respray / spray the frame, forks, crankset & cranks and brake calipers. Then put it all back together with lots of grease and hope that it runs smoother than before.

I've read a little bit on this forum, I think I undertand the basics of repainting it and putting it back together.

Does anyone have an opinion or advice regarding this project? Any common mistakes people make that I should know about? Will simply cleaning it and putting it back together work?

http://i49.tinypic.com/2r6puef.jpg
http://i50.tinypic.com/161x9jm.jpg
http://www.classiclightweights.co.uk/builders/leach-marathon.html.

You know I think other than getting everything on there working properly and sticking on some bar tape I would be tempted not to change much. Sometimes an old slightly tatty, but solid bikes are just right.

Good luck with it.

Decided to spray it light blue...