Long time lurker here, first-time poster... mainly because I've been waiting for a spell to get my Dad's 72 Varsity. Last weekend, I went home for Easter and came back home with it.
Cool things: my Dad always keeps all his paperwork forever, so I have the manual that came with the bike and he stapled to the front cover his receipt! He bought it on June 23, 1972, for $91.75 (after tax) less a $10 deposit from Ray's Bike Shop in South Bend, IND. Also, my Dad still had his generator and light set! No idea if it works, but we'll see.
Even though it was my Dad's bike until I convinced him to let me have it, I have fond memories of this bike. He would ride it next to me when I was a child and we'd go on after dinner bike rides together. Also, when I was in middle school and high school, I had a paper route and I used this bike every day to deliver the papers, so I sometimes wonder if I haven't already logged more miles on it than he did.
I've already started taking it apart to overhaul it and found a few quirks. First, it looks like the seat took the brunt of a fall at some point. I vaguely remember it being like that back in HS, but never did anything about it. Also, my tear-down stopped at the bottom bracket as I need to get a cheater bar... those pedals are not coming off very easily, haha!