My son and I built one of those up for him to ride (49cm) in 8th grade, and when he outgrew it I sold it to a nice young lady artist. It was that same year and color I think. We went with red bar tape, and added aero brake levers and downtube shifters--the latter being Suntour ratcheting 'Power Shifters' which I wish I still had.

It was an entry level Fuji and as such is a perfectly good bike but not worth putting a lot of money into, certainly not a repaint. Clean it up, touch up rough spots in the paint with nail polish, use 'rust converter' if there are actual rust spots that don't buff out with steel wool, maybe do a couple of cheap upgrades, and ride it!