Upon Further Inspection, BWTFN

Boy, this bicycle is old!
I think it might be from the Industrial Revolution.
Or maybe like the Bronze Age.
So anyways I had a chance to take a closer look at the Bike With The Funny Name.
I don't know how I missed it, since it's been staring at me right in the face all this time, but there's a problem with the fork.
The Bike With The Funny Name(BWTFN) has one of those half chromed forks and I must have been blind because I totally missed seeing this:



That's on the inside part of the fork and it looks pretty bad.
Once I start breaking the bike down, I'll take a grinder to it and see exactly how bad it is.
I'll also start scanning eVil eBay for a replacement just in case.
The frame though is in pretty good condition.
For a frame that looks like it was set outside.
There is some surface rust, but nothing too bad.
I mean it isn't so bad that I need to strip it and paint it, I sort of like the weathered look.
On the other hand, I'm not really digging the color, whatever it's supposed to be.
I was thinking maybe red might be better?
The bottom bracket is all crunchy and such, the races are probably pitted. The pedals turn though, so at least I may be able to ride it.
As long as I can shift it.
I'm not too sure what's going on with the rear derailleur:



That's looking at it from the bottom.
It's one of those with the hanger attached; not sure how to get it off without taking off the hanger too.
The rear hub is growling like a mad bear so it's probably toast.
I already searched for some new wheels and thankfully they are not too expensive.
The wheels are still true for the most part, but the spokes are really rusty and the areas around the nipples are heavily oxidized.
There's this thing on the down tube that well, I don't know what it does:



A bracket for a pump maybe?
Some kind of oldfangled bottle opener?
Decorative trim?
I ordered a new seat post, my old one is a 27.2 and it doesn't fit so I'm guessing it's a 27.0 or maybe a 26.8.
Not sure what to do about the shifters.
I've looked around at some other Bikes With The Funny Name and have seen some with down tube shifters and some with those shifters on the stem.
I sort of like the shifters on the stem but have read they aren't that reliable.
I think I'll work on the brakes first:



I already have some cables and housing I can use and I'm going to try clean up them Dia Compes.
Maybe.
I also have to find a lever set as one of them is done; the pivot bolt is sheared.
Actually, now that I think about it, I should decide on the type of handle bars I'm going to use for it will dictate the kind of levers I get.
After all is said and done with the inspection, I'm finding that I really don't know what the hell is going on with the Bike With The Funny Name at all.
I mean all that stuff on it is like, well, super old!
I'm not sure but I think this Bike With The Funny Name was like the first bicycle ever invented.
Like from the dawn of the machine age!
Or maybe before that even.
I need to do more research.
Or something.