Since I'm online I figured I'd post a quick update. The bike is completely torn down and all of the components are cleaned and bagged. I'm still not 100% sure how it'll look upon reassembly so the frame is hanging on the wall for safekeeping until that decision is made. The Giant definitely won't be a donor, I sold it and made some decent nickels on it.

There was a crazy amount of grit and grime on this thing. Getting the stem out was a chore and thank god for Sheldon Brown's page or I wouldn't have got the BB cup out in one piece.