Personally I don't think there is anything to hate about gaspipe frames and the best ones, IMO, are the French ones. I especially like ones like this with contrasting headtube and/or pinstriping. They're cool in an old school way and more than a little funky. I've had a few pass through my shop but I'd love to find one from the 60s with wingnuts.

The delrin shifters and front derailleur are likely weak points on this bike. The RD tends to be OK. Alloy wheels and crank will improve the ride quality. The brakes are quite good and the hoods look to be in decent shape. So does the saddle. The quality of the headsets and bottom brackets tend to be pretty decent on older French bikes. Parts are not difficult to find.