Thank you everyone, was surprised at the feedback i got actually! But i will heed warnings and be very careful about this, being my first bike project, i'm going to take my sweet time and do it right. I think i'll fit new things on it so i can get riding, then spend my spare time fixing up the old parts and refitting when i have completed them,
Thanks again, Oli
EDIT: Forgot to say that all the bikes posted here are TRULY beautiful, and oldpedaller, thanks for the indepth suggestions, will definately take them on board, and will be sure to post my pics when done (or maybe even set up a blog about the process, if anyone would care?)