Question about Shimano 3s Vs 333 Hub

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Im in the process of trying to rebuild my 69 Murray eliminator 24x20. The rear wheel is a 24 inch with a Shimano 333 hub but it was incredibly rusty and had bad bearings. I couldnt find parts so I tried to buy them. I just bought a like new wheel that had been recently serviced by a bike shop the only problem is it has the Shimano 3s hub. Is the 3s hub compatible with the 333 Shifter? My bike has that nice 3 speed shifter standing up in the middle and I would hate to lose it.

I do have a supposedly NOS 333 Hub and new Wald 24 inch rim, so I could get a wheel built. The only problem is I dont know if it really is new because it has some light pitting in a few places and a little rust on the gear. Considering its off eBay someone may have passed a nice looking old one for a NOS. I called around but no one wants to be involved taking the hub apart to check it. Mean while the 3s wheel and hub look like I just bought them brand new, I mean like gorgeous almost unused looking condition.
 
Yes, the 3s will work, bolt her on and go. Especially if it is as nice as you say, might as well use the nicest one you have!
 
I also used an old twist grip shimano shifter and standard handlebar shimano shifter on a newer shimano, they worked very well.
 
What are barrel threads?

I did take apart the original 333 it wasn't that bad to do, only problem was all the bearing races were pitted and rough, I couldn't even polish them, also none of the local bike shops had bearings that matched up. So it was pretty much junk. I was going to take the new one apart but was worried about re-torquing it with either too much or too little preload and ruining it.
 

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