Your project today is to learn to mail large objects to me.
I'd check out Sheldon Brown's
LINKS and
LINK and
LINK
According to this forum, ALL bikes are worth restoring so the first question is right out. The second question is a big maybe, you'll need to track down serial numbers.
Definitely worth the time and money to fix them up to whatever level you desire.
Now run go take some pics before East Hill gets here.