Sounds a lot like my Fuji Team. Check out T-Mars thread called Fuji serial number database (or something like that) to get a date for your Team.

I have a 1982 Fuji Team with the same tubing and same decal setup. The original color was brown and it had Ukai gold rims. sound familiar at all? In 1983 they started using quad-butted on the Teams. Nitto stem and handle bars....I am forgetting what else it had....

There were so many rust-snakes under the paint on mine, I stripped the entire thing. Underneath the paint it was perfect. I think Fuji just skimped on the paint job at the time. I have bikes from that era that, when I got them, all the components were rusting off, but the frame paint was perfect.

The hubs, BB and headset were all beyond repair on mine as well. The braze-ons were falling off so I ended up powdercoating it blue and converting it to fixed.

It is by far my favorite bike to ride around. It is quick, has great geometry, and is quite a looker too!