My son and I are doing a complete teardown and rebuild of this beauty together. We're even going to attempt to lay on some new paint! I'm thinking of a traditional red / white theme.
By the time we're done, I'm sure he'll be big enough to ride 'er.
The best part of the whole experience is explaining to him how things work, and what the different parts are for. Here's a couple pics to wet your appitite.
As you can see, the seat pan needs to be reshaped, we have a significant rust problem, and I'm thinking a couple peices of 1x4's for the "foot pegs".