The problem with this Mercian is even though it's low end, it's so nicely preserved that it'd be a shame to undo the look it has now. There's something to be said for the nicks, light fading, and thin paint of the era that doesn't come through with a nice, shiny paintjob.
You could build up virtually the same exact bike starting from a rusty Raleigh Grand Prix - and nobody would care what you cut off of a rusty GP.
Either way, I'd recommend building it up fixed and figuring out if you like the quality of the ride and the experience in the first place before committing a lot of time, effort, and money to modification.
-Kurt
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