Almost without seeing the original I think I can safely say restoring or modernizing this bike will cost way more than buying an entry level new bike, or cheaper yet, a much newer used bike. Frames this old will possibly have unusual threading, strange tube sizes and all sorts of problems accepting current components. A real restoration will be difficult and expensive and is really a job for an experienced mechanic/historian. Modernization will be difficult and frustrating.
Buy a decent used bike and paint it flat black or some patchwork of colors to make it unattractive to the thieves. You will be way ahead in cost.