That road bike is going to need a complete teardown. You can't ride a bike with 30 year old dried-out grease, especially when it has high quality bearings. You will need hub cones, a BB wrench, and various open-end and large crescent wrenches to tear it apart. I would remove everything (tyres and derailleurs included) except the headset races, then clean them all in mineral spirits. Afterwards, get some good bicycle bearing grease (Phil is best), then reassemble it. Buy a guide if you don't know what to do.
The value of that old bike depends on the condition of it's parts. If the parts are decent, you could ruin them by riding them ungreased. If you don't want to bother fixing it up, then try selling it on EBay-bikes like that get a pretty high price from collectors.
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