[Sportsandrec] VP 767 Pedals

[Thornbury, Kelly]

The VP 767 pedals were BMX pedals made by Victor in the mid 80s, usually seen on ramp and "vert" bikes. They may have been original equipment on some Diamondbacks, but I don't remember. If you are in to nostalgia, hang them on the wall as they aren't very common anymore, otherwise you occasionally see them on EBay for about a dollar, sought by old BMX bike restorers. 
If you are going to clean up your tandem, swap out the pedals. At that age, the bearings are probably dried, corroded, and prone to failure. 
As for the rest of the bike, having not ridden it in a while, and with the visible surface rust on the rims, you are probably looking at a minimum a major tune-up, to include repacking the bearings in the bottom brackets and stem, new cables and housings, brake pads, tubes and tires, chains, maybe chain rings and rear cog, and at least have the rims inspected (if the spokes are weakened by corrosion, they will be more likely to fail). Sounds like a fun project. Certainly can be done for less cost than a new ride, especially if you are into doing the work yourself. Steel wool on the rims shouldn't be a problem. You can actually use steel wool to clean car windshields without scratching it. Avoid the "polish," you don't want the surface to be so smooth that the brakes don't create enough friction to create heat properly. 
Your next questions should be whether you and your intended captain will fit the bike. It sounds like the stoker position will be smaller and the captain's larger (more typical of a men's/women's set-up), and you both will have a negative experience if neither of you fit the bike properly.