I would definitely remove the seat and rack. Those will just be giveaways if you sell the bike complete. I would also remove the Crane RD with something that matches the rest of the components (Shimano 600) and has less value. I would deal with the minor rust, clean it up really well, and market the then complete bike. As is with some minor issues the bike would have about half of the value as it would cleaned up and ready to go.

I picked up a high end Falcon myself last month (not my size or I would keep it), and the value of the components exceed the value of the bike complete. So I will be parting it out. Your components are a mix of a couple of valuable pieces and the rest have limited value. And they do not match, so there is not much value to selling components as a group. So in your case, I think you would do better selling the bike complete, ready to go, with the part swaps I recommend above first.

Update: I took a quick spin on ebay, and similar Crane RDs are not going for much. So I leave that swap up to you. If you have something decent in the parts bin, I would still make the swap (as I rather have a Crane RD in the bin).