Today I cleaned up the Nishiki. It has a sweet as paint job that I didn't notice under all the dirt and rust. It's celeste decals on a metallic sparkly black. So sweet.
Broke it down to the frame. None of the bearings were seized, but they all needed overhauling. Only thing left to install is the BB/crank. Then it's time to find some parts for it.

I need canti's, drop bars, levers, tires, chain, and a tensioner, and I'm good to go.

I'm only $60 in after the bike, saddle, and tubes. I set a budget of 150, so we'll see if I can stick to that. It's looking good so far.