Update. Picked it up Thursday, had a chance to start working on it Friday. Condition is OK; it will need all new cables and a complete overhaul, but once that's done, it should be good to go. Paint is spotty but the frame is in good physical shape, so I'll leave it as-is so it won't attract much interest while it's on the bike rack. I might rebuild the wheels, as the spokes are pretty dodgy. The guy who sold me the bike gave me a San Marco which is more ass-appropriate than the Flite that was on it. He also sold me a set of older 700c wheels for $20, so I'll figure out which hubs are in better shape, go with them, and sell what's left.
The only real issue was that the SR stem was frozen in the steerer. Tried some pounding, then some ammonia, and finally ended up (carefully) attacking with my sawzall. I was going to put some Rivendell Albatross bars on it anyway, so no real loss.
Pete