I've got one in progress. Tweaker house in my neighborhood is getting demolished. We ended up donating about 25 bikes in various states of decay to the local co-op - it was literally a truck full, and a ton of parts, wheels, etc. to go with it. I grabbed one mostly-complete Korean-made Moto, and after this sat around for a few days, I figured someone needed to do it justice. Tons of surface rust (see the rear stay in the medium-sized pic below, especially drive side, under the caliper) and stem was severely stuck, probably the 3rd worst I've ever had to deal with. Took some ultra-fine bronze wool and soap to the tubing to knock off all the rust, then buffed and polished a couple of the worse areas to get some shine back on it. Still needs a little more elbow grease but there's only so much lipstick you can put on an old pig, er, Peug?
I didn't give up on it, and I'm really sad I didn't get "before" pics other than these two crappy ones from behind - the bike was an absolute disaster and it looks respectable now. Here a pic of the buildup in-process. I dug around in the bin, got some CLB racer brakes I was about to sell here for $12 or $15 or something, think I'm retrofitting with a SR Apex crank and either Suntour or Shimano stem shifters and mechs. I'll probably go with the rims/wheels that are on it even though I've got two nice pairs of Rigida steelies in the attic I could toss on it. Have a few Atax stems and steel bars floating around, but may go with alloy bars. See if I can get it under 23lbs when all is said and done, then sell it to a college kid for cheap.
