Did I get a good deal? What kind of cleats do I need to ride with the current pedals installed? What is upgradable? Do they still make brake hoods for my current brake levers? What needs to be checked (so I don't possibly die due to mechanical failure)?
Oh yes, good deal. I paid $150 for my 54cm Expert without qualm. It seems to be in good shape. Replacing the tires may be all you need to do until you decide what, if anything, to upgrade. See the "Retro Roadies" thread for some ideas.
Your pedals are deigned for old-style cleats and shoes. There are some adapters for contemporary cycling shoes, but you can actually use running shoes or narrow MTB shoes for the time being.
Replacement hoods can be found. Someone here may be able to help, and there's always eBay. I'd try cleaning them up, first.
As far as what to check? Make sure the seat post and/or stem are not stuck! (You'll need a hex wrench for that.) Inspect the cables for cuts or fraying. Check the rims for cracks at the spoke eyelets. Check for play in the headset. Check and replace the brake pads.
That should do for starters. I'm sure others will chime in.
And welcome to the (Ironman) club!