Thanks BB. It definitely needs a bit of work but I think it was a good investment. I may upgrade to an 8 speed Shimano 600 drivetrain but I haven't decided yet. I also really need to replace the seat and seatpost which appear to have come off a low end Miyata, as well as the "temporary" , as described by the seller, binder bolt.

edit: haha thanks Jet. Glad you didn't jump on it haha I thought I was late to the punch but was called back a bit later.