That's a nice and lovely bike!
Get on your bikes and ride!
I put it on a scale today, and came up with 22.1 lbs. Is that good?
Beautiful. I would treat the rust and touch up paint, but wouldn't do new paint, new decals, or anything that would remove the patina. Although I would, probably, apply a new Reynolds decal.
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What a blast from the past! I owned a bike shop starting in 1974 (sold it in 1994). In 1975 and 1976 I sold Follis, and personally owned and rode a 672. It was a really terrific bike. I eventually replaced it with a better fitting Masi, which I still own and is on display in a local bike shop. Like most French bikes of the era, the upper end bikes were quite nice. The entry bikes were only so-so, but the Follis bikes from the 472 up (572 and 672) were really nice bikes. Have fun with your old bike. Good luck with the refurb . . .