Thanks for the answers everyone. Upon further thought I decided that with my 40-50+ hrs of work and 15 hours of school per week, I probably wouldnt ever get around to fixing the bike. I also have and early 70's Peugeot thats first inline for repair.
Originally Posted by mstrpete
In my town there are free bike clinics that accept old bikes as donations. Anyone who needs transportation can come in, choose a bike, and fix it up, then ride it home for free. The clinics are staffed with volunteers who can guide a novice through the necessary repairs and cleanup. Is there anything like that where you are? If not, maybe it's time to start one. You may not have the time or inclination to do so, but maybe through your LBS or bike club there's someone who does. I totally understand the impulse to preserve and re-use, BTW. Good luck!
There is a free bike clinic here that is run by the University of Florida. I went back and got the bike and I will donate it to them. Hopefully they can atleast use some parts off of it.