I really love a good project, so I disagree with the above. I've turned worse bikes into good riders. As long as you don't mind some cosmetic defects.
I would not bother swapping components onto the Bianchi. You'll be left with a bare frame (not much value) and another ok bike that isn't worth a whole lot. Your best bet financially would be to sell the Schwinn and Miele and put that money into the Bianchi. Or sell everything and start from square one.
If you have the tools and knowledge to repair the Bianchi I say go for it. You'll definitely need new cables, housing, chain, bar tape, and whatever problems you run into. The rest is really optional. I bet the bearings can be salvaged with fresh grease and new ball bearings.