That looks like it was middle or lower middle level bike. Definately lots of work to restore. If you decide to take it, it will surely be quite a large project(finding components(that fit the bike's specs!), cleaning up, removing and polishing races, and so on. I personally don't have the time or money to take on a project like that right now.

However, you are not me. If you have the time and money to do this, do by all means! But only if you will proceed to post pictures of before and after.