Originally Posted by ksisler

Z - you have a nice bike there. Lots of good frame building skill went into it that is obvious. The seat lug is especially nice. The reinforcing tabs on the insides of the fork blades and fully sloping crown are classic old school. Sweet. You do have one bit of paint damage that looks rusty in the pictures...I think the bike would be worth having that area carefully derusted and touched up.

Touched up and buffed up plus new Reynolds decals (available cheep on ebay), I would say it should be worth $800 or so, maybe more; at least more than the $500 you suggested.