>>1449012>How difficult is it to service wheel hubs
Not hard, it's tedious the first couple times until you get used to it. And requires a vise and some special tools, but they're not expensive.>and the headset?
Not hard, moreso if you don't have a way to elevate the bike so you can remove the fork without struggling. If it's a threaded headset then you do need at least a large adjustable wrench and possibly a headset wrench, but the large adjustable is also useful for other things.
Both are a matter of feel for adjusting cup/cone bearings, assuming you have them.>Is moly grease like for a car axle suitable for the bearings
No, it doesn't have the correct properties for a bike and may be at risk of squishing out over time or melting out if water gets in>or do I need special bicycle stuff?
No, you can use something like super lube.>Noticed a few creaks and noises from all of the above, the rear hub especially felt a slight bit sluggish, and they haven't been serviced in many years.
Inspect the bearings and races for any pitting while you're at it. They'll need to be replaced if so but shouldn't be. If there's no rubber or plastic seals on the bearings, you can deep clean them with a procession of:
Washing them in a little WD-40 in a dish (sprayed on a rag and wiped for the head tube components, not sprayed on!)
Dollar store orange degreaser
This will get them clean as can be, add the grease after the alcohol dries.>>1449016
Schwinn Paramount, top of the line. 1970s at the latest from the lugs, can't tell what era the decals date it to. Several parts have been updated (saddle, stem, crankset, maybe rims) but it looks like the 80s was when it stopped. Has some OG campy parts and looks like it's in pretty good shape.