It comes down to if you think it is worth it. Other than the powder coating, are you going to be doing the work, or paying someone? You mentioned 10 speed shimano, other than the 4700 groupset, the older 10 speed components can be difficult to find in really good shape, and if they are, they are not cheap. You would likely need new wheels also. To do a proper job with good stuff, and the powder coating, you are looking at $800 at least, and that is a conservative estimate without including contact points, tires, cables, etc. If you can do it for that, and you wind up with a practically new bike, not a bad deal.
I have done this with a few bikes, they all spent more of my dollars than I anticipated. But, they were all worth it to me, even though, on the market, they are not worth what I put into them. I did not do the work on them to sell. I did get a lot of self satisfaction from knowing I put the effort into it, learned a whole lot, and they came out very well. I have a Lemond Tourmalet that was a mess when I acquired it, but it is now my favorite bike that I have built, and just might be my favorite to ride.