>>But the rear brakes really, really suck.<<
Change em out, when ya can, unless you like flyin over the bars on a crash stop.
I've ridden mopeds in such poor shape before, out of desperation, and it's a challenge all it's own, makes ya appreciate how tough the lil things really are.
(and how damn much most of the parts cost!)
And yeah, been pulled over for it too, the "Frankenbike" seemed to attract cops like flies.
Think it's fun now jon, you should see how much more fun it is once you get it together and runnin solid and reliably, trying to handle a breakdown in the pourin rain isn't that much fun at all, hehehe.
One other thing you wanna check, if the 'ped is that old...is the gas tank interior for rust, I seem to recall a lot of the old Hondas would do that...and either way buy an inline fuel filter, a little, cheap fix that saves a lotta hassle in the long run.
-Ree