Thanks John. And thanks to everyone who chimed in. As I kind of expected, reactions were all over the map, ranging from a total loss to very little impact to value. And, recommendations for repair/preserve/restore ranged from simply stopping the rust (which is minor) to filling it, and all the way to top tube replacement.

Value is in the eye of the beholder, and we just got a nice snapshot of different views.

I plan to move ahead with acquiring it and will take action slowly. I'll start by rebuilding her and stopping the rust. I might consider rubbing/filling the dent and then getting it touched up, but that's as far as I expect that I'd go with it.

First things first, I'll get her on the road for some miles (I don't believe in wall hangers). Sunny days only, of course.

Thanks!