Wellll, I wouldn't. Just cause that would make a very gorgeous vintage road frame. For fixed get-around I'd get a Kilo and then invest in this and make it classy as hell. But thats what I'd do.

If you do fix it, get some box rims, gumwalls, leather saddle and bartape, some more "vintage" Looking cranks (IRD Defiants are affordable and look swell), leave the road drops it has (given they're in good condition), and replace the stem.