I directed the OP here, but withheld my opinion until he had heard from the group. Over on the road forum, they generally agreed that it would be best to sell the bike at unrepaired street value and put the money toward a new road bike in the ~$1.5K range.

I fall into the restore/repair camp, for two reasons. First, the bike appears to be low-mid level rideable with serviceable hubs and decent components. The money spend repairing can be mostly recovered by the OP reselling it a year later (should he not want to keep it as the backup bike), after a good season of riding it and getting his legs and cardio back. Second, there is a learning curve in discovering what one wants in a modern road bike. I support the idea of riding what you can today, to permit you to learn what you really, really want next.