I dont know if i should post here or the mechanic forum?

But was at the parents garage and found my old late 80's or early 90's Spalding Blade 12speed bike hanging in the rafters (next to my murry bmx). I thought to myself maybe if i fixed it up i can commute on this bike instead.

the tires are dry rotted, would need new ones. the seat looks ripped, would need a new saddle. the wheels most likely will need to be trued.
I remember i stopped riding it because it would skip when i would pedal, but cant remember why it skipped. everything on it is original.

so to the bike guru's, will it be worth it to fix it up?
what do you think the cost may end up being if i just fixed what was broke with mediocre parts?
would my time and money be better spent on a new bike?