The question is: Do you have a use for the bike?

If your plan is to fix it up to sell, I'd say "forgetaboutit". Old road bikes are about a dime a dozen and you'll never make back what it will cost to fix it up.

If you have a personal use for the bike, that's different. You'll probably have as much fun rebuilding and restoreing it as you will riding it.

If I was the one to find such a bike, I would have already started looking for a fixed gear hub.