Half way there
Join Date: May 2011
Location: Durham, NC
Bikes: 69 Hercules, 73 Raleigh Sports, 74 Raliegh Competition, 78 Nishiki Professional, 79 Nishiki International, 83 Colnago Super, 83 Viner Junior
Pics don't show reality very well, but from what I see, it appears in reasonably good shape. I'd try a good cleaning followed by a bit of polishing wax. It may come back nicely. The fenders and crank have a bit of rust. I have used an oxalic acid bath on worse with decent results. There are plenty of posts in the archives about the use of oxalic acid so do some searching.