Going even further completely off topic, I enjoyed The Watch series recently. I guess they spent the whole budget on Detritus in the first episode, but pocket sized flamethrowers that fly and magical projects popping up everywhere has to be a fun watch.
Those bearings do look past their best. I doubt they will lock up or chuck you off, but you may have trouble adjusting (lol!) when the top nut goes back. I think I've spent about 1/3 max of the initial low cost of the bike on various seals, lubricants, bearings and bits and bobs over three years. Which for a 40 year old bike is pretty good. At the moment the market value is about the same as what I spent. Plus I know everything is solid now.