The Questions you should ask is: Do I want to take on a project of this type at this time? Do I have the room and the funds to see this through? Can I do without my bike long enough to finish this all the way?

If you can answer yes to all these then you figure out how much you want to do. Will it just be a good through cleaning and lube with the need things replaced? Will it be stripped to a bare frame and repainted? once you determine how big it will be re-visit the earlier questions above and see if their still true.

If you decide to go whole hog and repaint, do that part first. After all the prep work and repainting, then start cleaning and polishing all the other parts. It will give you something to do while waiting for the paint to harden and looking at the pretty frame waiting for the parts will keep you motivated.

Good Luck