OP, Not so bad, IMO. I've shelled out that much cash just for a 531 frame that had about as much rust. Hey, for me, it's a hobby, not a living. I'll pick it up from you for $20! But by the looks of the height of your spring front lawn grass, you're likely further south than I am.
I also just had to comment on the between-the-spokes-only rim wear on the rear wheel of this resurrected paramount from page one of this thread:
Originally Posted by
JunkYardBike
Sometimes rusty beaters aren't so bad. Picked up this Waterford built Schwinn Paramount recently for a good price. Unfortunately, lots of the chrome was rusted, but the Deltas looked good...until I found the crack in one of the arms after I got it home. Frame is rusted enough to need a repaint. Stem had to be sawed off. Headset and BB bearings were shot. Many of the other Record components are oxidized to the point of being nearly worthless. But somehow the RD was spared, with not even a hit of road rash and not a scratch. 1st generation 8 speed. Sold on ebay for $190...more than I paid for the whole mess! Now to get rid of the rest. Except the Deltas. They'll be my precious for a while longer.
Pretty wild!