I think this is beyond 'restoration' but a very good project bike.
I read Sheldons site extensively before starting and this is what I have done so far;
Metal polish and wax the frame.
Replace stem with 'aluminum comfort bike' swivel threaded type stem. used
Aluminum risers bars meant for same.used
Aluminum seatpost and sprung saddle (mountain bike size). used
New break pads and tires.

I bought a garage sale mtb for the deore bb cranks and pedals. (instructions per Sheldon). obviously used
Next (and most expensive) will be a set of sun-ringle ici-something 451 rims in 28 hole.
These will effectivley double my investment to date.

Have fun with your project.