It will definitely be fun to ride around the neighborhood, and you'll find it an entertaining project, if you like this sort of thing. Don't throw anything away, even if it looks really bad. This old of a bike will have some bits you'll have to pay in blood for if you need a replacement. Me 'n East Hill, we are clearly visual people. Please round up a camera...we can help tell you how to post 'em here if you need help.