I recently went out to the boxcar on my folks' ranch and found my Giant Kronos, circa 1997. It was put away after a commuter event of being curbed in Phoenix. Bent both wheels pretty dramatically. It has been in the boxcar for 6 years. I intend to get it back up and going. As I look it over I know I will need new wheels and tires and a major clean-up re-lube and set-up. I am appealing to those who are more experienced...What else should I take a look at as I get started on this project.
You should decide how much you want to spend. Anything can be "fixed up" if you're willing to spend the money. A new wheelset should not be too bad, check Nashbar for their sale items, or even eBay. lots of riders upgrade constantly, and you can pick up the old stuff cheaply. Make sure your replacement wheel has the same/compatible gearset!
Other than that, if the thing has been pretty well protected, you may not need to do much. Clean, lube, make sure the headset is free and the brakes are not fossilized.