I'd pass. If it weren't all rusted (meaning it was neglected for long period), then it might be a different story. At 6' tall, that bike's probably too small for you. At 275#, don't get something too delicate in steel -- a straight-guage tubed frame is probably best, like a larger GP in decent shape, a Raleigh Sports or Superbe, or a lower-end Fuji, Nishiki, Miyata. You might try starting with a cro-moly steel MTB frame having oversize tubes, and adapt to road use. That's pretty easy, if you just lose the knobby tires and get something comfortable with smoother tread, like Panaracer Pasela in 32 width or greater. If you cycle regularly, you'll lose weight, and then be ready for a really lightweight steel road frame, once you get sucked into this classic and vintage disease.