Ouch --- amazing that people would leave a bike like that outside

---- Not worth updating or upgrading in that condition --- I would strip all the components and have a qualified framebuilder or high end shop that deals with such things inspect the frame as thoroughly as they can to ensure it is even worth building up again , ----- but if the rust is just surface rust confined to the chrome surfaces --- would very likely still make a very nice rider

Were it mine, I would soak all the components in a penetrating type solution ---- the anodized aluminum bits can probably be polished to bring back some of the original luster --- servicing and carefully inspecting all the bearing surfaces is a given

Aelle is the lower end of the range for Columbus' competition oriented tubing line ups --- the frameset was likely around $500 or so new. Its quite capable in that regard, but not valued as high as the lighter tubesets. Being straight gauge, it will also deliver a stiffer ride -- that's either good or bad, depending on your sensibilities

This was probably a $1200 bicycle when new and worth a little time and elbow grease, but as mentioned, -- depends heavily on whether the corrosion is just on the surface , or penetrates deeper