Don't paint..don't put a lot of money into it. If you trust the man at the shop, ask him what it would cost to make it safe and rideable. If you're OK with the estimate, then have the work done.
If you keep riding regularly, down the road at some point as you learn more about cycling, you will probably buy another better bike that will cost significantly more. This first bike will be good to find out how enthusiastic you are about cycling..
Last edited by Tom Pedale; 05-21-10 at 07:22 PM.
Reason: clarity