They had 12 spds when I was in high school in the early 70's. Even without knowing what kind of bike it is the weight and components that you have listed points to it being a very good bike in its time. Your question are old bikes worth it with the exception of my new MTB (it has seen mountains, and even rode on one or two) the newest of my 3 other bikes is about 10 years old (not being the original owner I can only guess it's age but what the original owner told me), I also have an '89 Specialized Sequoia, which I still use as my commuter bike, and an '83 Bianchi San Remo that I took out for its first spin in a year yesterday (I neglected it all summer while ridding my new MTB and new (used) Softride that I acquired at the beginning of the summer) Old bikes that are properly taken care of can be such a dream. A lot of features on older bikes have disappeared in the sake of weight. I am not knocking newer bikes they are very good, I just don't see why you have to junk a perfectly good bike just because it's "old". So do what John E says and re pack those bearings (oiling them doesn't work) and check out the bottom bracket. True the wheels and take her out for the ride of her life(not to be sexist but I refuse to ride a male ). Give the bike The respect it deserves after collectin dust for all those years.