The nice thing about a project like this is, until you start fixing it, you can't lose any money on the deal.
Two questions:
1. Is the frame the right size for you?
2. Is the frame straight? Run a straight edge from the head tube to the rear dropouts on both sides and measure to the seat tube. If it's not the same on both sides, it's recycle bin fodder.
Honestly, vertical dropouts would make it a no go for me. There's ways around that but they're not elegant.
__________________
My greatest fear is all of my kids standing around my coffin and talking about "how sensible" dad was.