Thanks for the replies.
I'm leaning towards harvesting the parts I need for other projects, and trying to sell the frame for whatever - with an emphasis on SS/FG benefits. Mostly because I'm unemployed, broke, and really want that stem & bars!
Of course, I'll clean it up, and it's actually (strangely) not all that rusty - the paint has taken a severe beating, but there doesn't seem to be much rust. Agreed that either way, it isn't worth any further investment - I figure I get what I get for it, and give it up to my buddy for the "privilege" of taking care of it for him. :-)