Road Cycling - Is it worth the effort to rebuild my road bicycle?

I am considering rebuilt my old Panasonic bicycle but I am not sure if it is worth the effort and money. It seems the previous owner took the original bicycle group and replace with cheapo stuff. I am not sure if it is better or not to get a new road bike. I do not know my Panasonic bicycle model. However, the following is my bicycle specification:

Double-butted seamless Cro-Mo tubing (Not sure if it is Tange 1 or not)
Complete Bicycle Net Weight: 24 lbs
Rear Derailleur: DNP 1200
Front Derailleur: DNP 1200
Handle Bar had Factory Inscription: Road Champion on the left and JAE-CHEN Custom on the right.
Tires: TRC Road Winner
Rims: ARAYA Made in Japan
Seat: I replaced to Norco
Crank Set: TRACER
Frame Serial number located at the centre bottom: 87013293

I want to repaint the frame. The previous owner has touch-up paint on the stray but no rust. I want to replace the group and the rim with slimmer tires. I also decide to buy off some good used parts from ebay and let the shop rebuilt it, so I can save money. I am not sure what is the labor cost with and without the repaint job. Is it okay to use RC model spray paint on the frame? I am living in Vancouver, Canada and I do not know where to go for a good price.

QA. Is it worth the effort to rebuild my bike?

QB. Is model’s spray can paint will be okay for painting a steel frame?

QC. How much would it costs for labor with and without repainting job?

QD. Where should I go for a good price?

My bicycle is fully functional, except the crank shaft needs new ball bearing or grease and sometimes the rear derailleur shifting is inaccurate.

Forget the rebuild/paint scenario. Labor charges will eat you alive, LBS are like
car dealerships, they have to be to survive. You will be much better off to
buy a new bike. $500-800 road bikes will be 2-3# lighter, be new!!, and fully
upto date. Paint quality will be vastly higher. Spray can paint is ok, but very
thin and builds slowly, scratches easily because it is soft and would be short lived.
You would need 2-3cans, at $5/can minimum. If your bike is freewheel (5-6spd)
then it would be even less useful to upgrade. 7spd might be upgradable to 8-9
spd but it would depend. Costs depend on the size of the project. Painting by
anyone other than you, would increase cost by 30-50%. Get a new bike.
Steve

I am not sure what is the labor cost ....

The shifting can be tuned up for ten bucks or so.

What are you going to do on the bike, race, or joyride.

Can you dis and reassemble the bike for painting by yourself ?

IF no, ride it a while and go spend $800.00 when you can afford it.

This might be a better question for the Classic and Vintage or the Fixed/Single Speed topic. Many of the hard core roadies just can't imagine riding anything more than two years old.

It sounds like a very nice frame. I don't know anything about the DNP components, but the frame sounds like a nice platform for modernization or fixed gear/single speed conversion. If you do it yourself, you can do the fixed conversion, with paint job, for $100 for a powdercoat and the cost of bearings and grease. If you want to modernize it, count on $500 or so if you choose your set up and parts carefully. Again, that's if you do it yourself. If you want the LBS to do the work, it's gonna cost you way too much.