Randy, if I remember correctly, you had a Grand Jubilee on there, very sweet. I think you said you found it at the dump. I give this a chance rating of .00002%, but then again, because you are out there with your line in the water, the fish eventually come.
Another thing about "low grade" or "gaspipe" steel is that it can be bent back (cold set to use a gentler term) more easily than Chromoly or Manganese Moly. So you save on repair work.
One last thing: when finding a "rescue", don't instantly give up if you have hassles restoring it. Stay focused and positive. Some bikes you have to fight with a little.
One of the most memorable bikes I restored was a Raleigh Ladies single speed that I wrenched out of a CT snowbank, waiting for the dump truck Judging from the wear on the rubber pedal pads , this bike had probably been ridden for 2 or 3 generations. But a couple spokes broke, and it then started to rust in the garage.
I probably put 25 hours into it, (free labor) some touch up paint, a rear rack, and I sent it to Houston TX. My old college roomates wife. It's now retired on a Texas beach. Her two daughters ride it also.
A bike that was a survivor like that should never be dismissed or condemned.