As for the bike, from description sounds like it is about ~1985 vintage, and it cost new about $330. Despite name 'Team', it was not their high end model, and it was at about same level as DX-3000, with DX-4000/5000/6000 above it. In the following years this model was upgraded in the line-up to the top position. I would expect this bike to have about 25lb real weight.

It is a nice bike if in good condition, but I agree that your fit on it is questionable - you may be able to ride it with seat all the way down, but I think that old 'fist-full of seatpost' is better. It is definitely my size (I am 6'2" with very long legs - 35.5 cycling inseam).