Maurice, thanks for the post. I think you nailed it!!!

There is whiteish looking paint under the blue that was either a primer before the repaint job or the original paint. Just for kicks I might spend a few minutes looking to see if it is actually silver like the example you posted.

As for the cost of resurrecting this bike, it depends on the cost of parts from my local bike-coop. The Bikerowave has reasonable prices and a Centurion Le Mans in ok to good condition around here costs $200 to $300 USA dollars. So if I can get her up and running for under $65.00 is it still not worth it?