I would say don't repaint it clean it up real nice and put some new bartape and hoods on it to better match the bike and you should be able to get around $400. Lugged chromo Trek frames seem to sell at a bit of a premium in most markets the fact that they where basically the best of the American built bikes frome the 80's gives them a big following.
http://www.vintage-trek.com/
Last edited by zukahn1; 02-07-13 at 10:31 AM.