Wow looks like a great find. I don't see a lot of rust a bit of cleaning should make it shine. Keep in mind the bike is French, so French threads abound. I would also really advise you to pick a book on bicycle mechanics and do the work yourself; one thing about vintage bikes (especially as old as yours), they require more maintenance than the newer bikes of today. You will need to remove all the components, and service (clean and grease) all the bearings. If you are going to properly service the components, you'll have to invest in some pricey tools that even your LBS may not have.
Last edited by onespeedbiker; 07-12-14 at 06:47 PM.