If you like the bike you can do something like what has been done in this thread:
http://www.bikeforums.net/classic-vi...i-s-ergos.html

It will cost quite a bit more than the bike is worth as it sits but again if you really like the frame and it fits then go for it.

Me, I would service bearings, replace cables and housings, chain, freewheel, clean and lube everything, new bar tape and brake hoods and maybe some new tires. It will feel like a brand new bike and you can ride it like that. You may find that a bit of maintenance will make it feel very different. If you don't like the shifting you can try some barcons (suntour makes some that would work well) as bar end shifters to change it up a bit. You could also add the 7 speed freewheel and give yourself a new gear and change the range of gears in the back.