I picked up a '75 Continental in Kool Lemon a couple weeks ago. It was only $5, so I said may as well bring'er home. I'm just getting around to working on it, and now I can see how bad the paint is. There's a bunch of places where the steel is exposed, fingernail sized areas, and these areas are rusty. The decals are in fair shape, but are discolored (darker than the paint). The paint is flaking off badly on the rear dropouts. I can post some pics later, maybe.
What would you guys do in this situation? I need to replace the rear derailleur for sure, wheels need to be de-rusted, but all else is ok...paint being the worst. Should I toss it? Should I rattle-can it with Kool Lemon paint from hyper-formance (almost $30 for the can)? It's a nice bike, but I don't wanna be upside down on the investment if I try to flip it later.
Thanks for reading.