Reynolds101, If it was really cheap and you can get it tuned up cheaply, I'm sure it will be a fine around town bike for now. And riding it will get you familiar with this style of bike, so when you go looking for something better you'll have more of an idea what you want. I wouldn't sink any money into it, except for something (like a better saddle) that you could transfer to a better bike later.

If you keep an eye on this forum you'll see all kinds of interesting bikes, some that could be had fairly cheaply and some very pricey. It might also help you get an idea of what you're eventually looking for. I'm also pretty new to vintage bikes but I have learned a TON on this forum.