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this looks like a very nice bicycle you found for your friend
appears to date from the 1983-84 time
am with others above that always make an effort to conserve rather than redo when reasonable
from what can be seen in images posted the blistering is coming from below rather than outer to inner
in such cases it tends to be due to poor preparation rather than how stored/exposure to the elements
be aware that if you retain the original finish you may see the process of blistering continue forward...
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Last edited by juvela; 01-16-23 at 05:23 PM.
Reason: spellin'