Ty all for the advice - first step is stripping it down for a cleaning & rebuild, it needs new cables, tape, tubes, and tires anyways. So the question of whether to roll out / deal with the paint damage can wait for now.

I'm interested to see if there are noticable differences between this and my '84 Gitane Grantour, which is made from Vitus 181 and has very similar geo - will probably steal the wheel set from that initially as well. I'll update this as I progress with it.