I am in accordance with many others. If you're just looking at braking power, pads and an overhaul (disassemble, clean, assemble, adjust, lube).

Now, if you want to really get into a project, upgrading an older steel road bike, be aware, the farther you go back, the more years come off your life on the upgrade.
They are great projects, but remember, it's not just apples to oranges, it's old, different apples to genetically modified oranges.