Mountain Biking - Is this bike worth salvaging?

First off as you can see...this is my first post...hello all :D

I have a 96 Rock Hopper rigid (19") that sat outside for a few years due to military commitments and as you could guess, corrosion has destroyed a few things. My goal with this bike is to give it to my SO for her to ride (nothing crazy, just general trail riding) since I'm getting a Cannondale Gemini for myself and I'm wondering if it wouldn't be cheaper to just get her something new rather than fix this. Apparent problems are.....

1. Needs complete new braking system front and rear (cantilever) Hand levers still look good
2. Front and rear deraileurs appear ok but hand controls are iffy
3. Chain rings are rusty but not that bad that I can't clean them up
4. Tires/tubes are shot but wheels look good
5. The chain is...well... no longer a chain
6. Pedals and crank are probably salvagable

Keep in mind that I probably wouldn't spend but 200-300 on a bike for her if I were to get her a new one.

If it were me I would just go for a new bike for her. For one unless she is pretty tall that bike will most likely not fit her, there is a better chance of her sticking with riding if she is on a bike that fits. Other than the fit you are just going to end up getting yourself into a money pit. By the time you buy new brakes, levers, shifters, chain you will already have a good chunk of change in the bike. At that point you will find out if you need new derailleurs and bottom bracket. If the bike has been outside for a while it will probably need new cables and possibly even a chainset.

Just seems much easier to just pick up a new one to me.

If it were me I would just go for a new bike for her. For one unless she is pretty tall that bike will most likely not fit her, there is a better chance of her sticking with riding if she is on a bike that fits. Other than the fit you are just going to end up getting yourself into a money pit. By the time you buy new brakes, levers, shifters, chain you will already have a good chunk of change in the bike. At that point you will find out if you need new derailleurs and bottom bracket. If the bike has been outside for a while it will probably need new cables and possibly even a chainset. Just seems much easier to just pick up a new one to me.

I sort of figured as much after looking around at parts prices. Just wanted to hear it from somebody else. Thanx.

No problem. Also, welcome to Bike Forums!

Thanx for the welcome.

Yeah, i think a new bike is needed.