If you can do the work yourself I'd say go for it. I recently had the same problem with my 1972 Raleigh Gran Prix. It had been sitting in the mini barn for at least 18 years. This summer I decided to get off my arse and do some riding. MAN, was I disappointed to see my old bike! Tires hard, flat and dryrotted. Wheels pitted with rust. I took it into the local LBS and they just shook their heads. Tried to sell me a new Giant, $400.00.

I checked craigslist and bought a good used Trek 700 for a C note instead. That got me peddling.

Then I decided to wrench up on the Raleigh. I'm no mechanic but I did remove, replace and repack bearings on my old Schwinn Monarch when I was a kid, 45 years ago...

Everything was dry, but a little WD40 cleaned them up. The pitted rims cleaned up pretty good with WD40 and, steel wool. I repacked the hubs, crank and fork and as soon as the new tires and tubes come from TiresDirect I think I'll ride it down the the LBS to show it off.

Ain't nothin like a classic.