I think what I'm getting at is that the bike looks like a rust-bucket. If you get all "Repack" on it and try to shred the Gnar "old skool"...you may end up with one of those cute little curvey tubes in an undesirable place...know what I mean?
I think it's a good topic and I'm curious what kind of suggestions become of it b/c my father-in-law has a bike hanging out in his barn that appears to be that very same frame. He said he didn't want it and I'm thinking about bringing it home to tear in to. It will need a good sand blasting or stripping of some sort b/c it's been violated by a can of red Krylon.