Well, I was going to put a temporary crank on it last night and take it for a spin, but after I got the crank off and bottom bracket out, I decided to go ahead and just strip it down (because knowing me, I would have procrastinated doing it and it would never get done). Seems like it was originally taken care of, but has fallen into neglect for sure. There's a little more rust evident now with most everything stripped off. The stem is stuck. The stem bolt wouldn't budge, then stripped really fast. Took a closer look and there was a crack in the bolt head. Ended up drilling it out with no problems. I can wiggle the stem back and forth, but cannot get it out. I flipped it upside down, covered the hole and pretty much filled the headtube with Kroil. I'll let it sit a few days and have another go.
It definitely needs an Oxalic Acid or Evapo Rust bath