On a whim I dropped $25 for a 70s era Schwinn Continental - I've replaced the tires and rear wheel; I've got a chain and freewheel on order.

I realize this is a 'gas pipe boat anchor' of a bike but I'm having fun getting it rolling again. I've already got a nice road fixie and a decent MTB - where do you draw the line (in the checkbook) when you're refurbishing an oldie?