Bicycle Mechanics - Condition of my bike??

Just picked this bike up. I am wanting to fix it up. What do you think it will take to put this thing into decent reliable condition?
Search my threads started for the other detail on the bike, I only have one post.
Thanks

http://i42.photobucket.com/albums/e347/Courtg35man/CPCCycles007.jpg
http://i42.photobucket.com/albums/e347/Courtg35man/CPCCycles006.jpg
http://i42.photobucket.com/albums/e347/Courtg35man/CPCCycles002.jpg
http://i42.photobucket.com/albums/e347/Courtg35man/CPCCycles005.jpg

My best guess from the photos would be
1 rubber components
tires tubes bar tape brake hoods brake pads
2 cables/housing
both shifter and brake
3. Probably new chain and cassette

say $50-75

Just picked this bike up. I am wanting to fix it up. What do you think it will take to put this thing into decent reliable condition?
Search my threads started for the other detail on the bike, I only have one post.
Thanks


Start with a good cleaning, then use fine emery papaer to clean up some of the rust, then ScotchBrite pad to clean all the aluminum parts, then use a wax cleaner to remove stains and oxidation on the paint as well as aluminum parts including rims and spokes and bars etc, followed with a good wax from either Mothers or Meguires on the paint and aluminum. Touch up any areas where paint was suppose to be with touch-up enamal paint so as to prevent future rust. There appears to be some heavy rust on the chrome on the fork crown lugs, removing the rust will only expose no chrome left to save, instead remove the chrome from the lugs altogether to get all the rust and pitting off and repaint white to match the frame paint...or leave it as is and nor worry about it!

Don't get to radical at replacing parts because the bike isn't worth the financial output you could get yourself into. Instead try to get the existing components to work. Whatever doesn't work try to find a used component to replace it with or stay with nothing better then Shimano 105. The pedals look really bad but if functionable leave them or replace with some cheap rat pedals you can find anywhere, there is a brand called Wellgo or MKS that makes inexpensive but good rat or platform pedals.

You'll need to tires and tubes.

Get a new chain since that one is rusted and probably worn out; I wouldn't worry about the gears since the appear to be square in shape and not pointed from wear.

I can't tell from the pics but the bar tape looks ok, if not it's cheap to replace. Also the brake hoods may not be available for those anymore since they don't look like "normal" levers, but check with an LBS to make sure. The brake pads again may or may not need to be replaced depends if their worn or have gotten real hard over time.

You don't have to replace the cables unless their frayed or rusted

And don't forget once you cleaned everything to relube it all.

Im looking to completely dissasemble the bike, clean the parts strip the bike down to metal and repaint it.
I have never done this to a cycling bike before so Im kind of worried.
But looking forward to it, it should be a fun project.

Spend a part of your budget on a good bike repair manual or spend a fair bit of time on Park Tool's and Sheldon Brown's web sites.

The bike is quite old and wasn't "top of the line" when new. Most of the parts are obsolete but pretty straight forward to work on if you know the fundamentals.