Yeah that's the plan at this point. Sort of worked it out with my better-half: grab the bike next week and show it to him at Christmas break. If he digs it, and truthfully I bet he will, then we tear it apart together. I'll send whatever needs work out and collect all the rest of the gaskets, bearings, etc. Then plan a weekend or three when he can get back home and we can put it all back together. Then as time permits we can go through the rest of it.
The worst that can happen is that he's not into the idea and commitment of an old bike (and I'm fine with that), so I sort out another option for him and end up with a cool RD.
Also thanks for the links. I've looking around and found this: http://www.aircooledrdclub.com/smf/i...?topic=25398.0