Yes, pics please...

If you want this to begin as (and remain) a low-cost endeavor, you will need to use the parts that are on the bike. If you have a noisy drivetrain, you really ought to refrain from extended riding until you replace the grease and the bearings in your hubs, headset, and bottom bracket. If they are in good shape, they will stay in good shape with a good overhaul.

I overpaid for my first vintage bike, an old Peugeot UO-8, but I spent time patiently learning how to do everything on it, and I eventually sold the frame to use the parts for another bike. I don't consider it wasted money in the least. I learned a lot.

Welcome to the forums! If you get stuck, ask questions -- there is a lot of knowledge in these forums, and the folks are generous with their wisdom...