........the wheels that came with it were tubulars, on Normandy Comp hubs. That's why you see a lot of them that were ridden
with a different wheelset. No huge loss if whatever's on there is serviceable. The derailleurs, especially the front, were problematic.
Again, on the bikes that got ridden, they usually got replaced with something more durable. That stem is also an upgrade from the original.
So if the rear derailleur swap was correctly done, someone has already done most of the stuff I usually end up doing to one of these if i want to ride it
The original pedals are no great loss, and I usually just rethread the cranks to standard to use standard threaded quills, which are easy to come by.
I would definitely try a pressure washer first, on the stripped frame, and gradually escalate to citrus based cleaner, mineral spirits, and hope that takes
off most of it. If whoever did it was sophisticated enough to use a latex paint, it will peel off in chunks and strips. AIf that's the case, an adjustable heat
*** used judiciously is your friend. I use one a lot on things like reflective tape and metal foil stickers, which are hard to remove.
These are swell, open geometry, smooth riding bicycles, with a very pleasurable ride. I think you'll find it worth some work.