Panasonic made NICE bikes...they ride nicely, they were well made, sensible...this would be a bike I'd recommend to all of those "I want a nice bike, but I can't afford to pay____" sorts of posts. I would have no problem dropping $450 on this in decent shape if I wanted a good all around roadie.
You have a great project there...you should be able to get at least $200 as it sits if you're in a decent area.
Did I mention that Panasonic makes some awfully nice bikes?