That is a great looking bike! FWIW I would disassemble, clean all the parts, give the frame an oxalic acid bath, do whatever touch-up is warranted, wet-sand the touched up areas, polish and wax, repack all bearings, maybe replace all cables, and re-assemble. Do not think it is even close to needing a strip and repaint. This is what I am doing right now with a 1987 Gitane Record I just picked up, which is in about the same condition as yours. BTW, nice story about loaning to your son, getting him started on cycling, and it coming back to you!