Originally Posted by BFisher

I completely understand. I'm not even saying I have a desire to tackle such a project right now. Everybody's got preferences, and that's cool.
And I agree. A cracked plastic derailleur is no good. But there are more than enough cheap parts out there to get bikes like this back to a useful state.
We've seen more miraculous rescues around here. Doesn't have to end up as someone's pride and joy. But knockaround status? Everyone loves a good beater.

Dump money into it? That's up to the individual. But it isn't necessary by any means. I've got low-end Suntour Honor on my own Peugeot. Cheap and works great.
I guess my point is that with the right combination of frugality and resourcefulness, bikes like this become a vehicle, rather than another piece of garbage.