Sorry to act as a thread necromancer.

At my grandparents' house, i found one of these Iverson road bikes in storage. The drivetrain looks like it needs work, and the wheels have some corrosion. Tires are dry-rotten.

My question is, even though these are infamous cheap bikes, would it be worth it at all to just turn it into a beater singlespeed errand bike? Or is it not even worth the effort?