If you are going to do the work yourself and have the parts already, I'd say go for it. You mentioned the lack of a derailleur hanger, which is a sign of a lower end road bike (unless its really old which this is not.) If you're asking whether or not restoring it and putting nice parts on will make it valuable, I'd say probably not. If you just want a project and something to rode, you already have it, might as well.