Thanks everyone for your replies. Given what I have read about the bike I don't want to put more than a few bucks into this bike to make it road ready. I don't want to put money into something that would be better spent on something else and given I've spent almost $350 on 2 bikes, both steel and either falling apart or needing extensive cleaning and possible repair and parts replacement, I think its best I save my money and buy something new and not from a department store.

I'm going to disassemble the bike, clean it, grease it and rewire it. After that I'll buy a more comfortable seat but that is all I am doing for this bike. I know it could use new brakes and tires but thats at the bottom of the list for now. The bike actually stops good enough for me with just the left brake. Hopefully I'll be able to sell it to a vintage collector for same or more than what I paid. I'm no longer going to search vintage or used bikes for one. I'm just going to wait awhile, save up and buy something nice from a bike shop. I was looking at some nice carbon bikes earlier online. They are expensive but my guess is for those prices they must be something worth getting.