I just finished this for a friend that wanted a cool old road bike but he wanted something ratty that wouldn't draw too much attention due to the high theft rate around here.
I found this a couple weeks ago and he loved it so with just a good basic cleaning, grease and obviously tires, cables and chain it's done.
I don't know where it was stored, it was obviously in the sun but it seems like it was fairly dry since there was no serious rust and thankfully all the races and cones looked virtually new.
He picked the new bars, grips, stem shifters and cable housings.
Yes the stem shifters are a bit of a compromise and the Simplex braze on gets in the way a tiny bit but he's never ridden with downtubes and with the upright bars he didn't want to learn on this bike.
I love this bike.
As found,
Done,