The frame is in real good condition. Went for a ride yesterday with my 8 year old son. The chainring is quite big, he makes a lot of effort to pedal it upwards. Anyway, I am planning to get him a small dirt frame and put some 24 inch wheels to be able to put a rear and front derailleur. Still not very sure about the crankset...I have a 170 mm LX and going to try that to see how he manages.

 Nice man. Cleaned up nicely