That's a nice Centurion, and I like the pre-fubar'd paint. I'm an 80s kid and remember day-glo and new wave fondly.

Whether its worth restoring is up to you. I know a competent frame builder (Mark Nobillette) will have zero problems replacing that rusted out seat post binder. He does some beautiful work with integrated binders and fastback stays on his bikes. He could braze on a new binder. The problem is then paint. You're into the bike for next to nothing, but do you really want to have it restored? I love C&V bikes, but even on my bikes I'm going to have redone, there is something special about "factory paint."

If the bike was in North Carolina I'm impressed with the condition of that steel bike, for its age. Coastal states don't really always make for the best landscape to find great condition vintage steel bikes.