OK. Made it home. Here's what I got:

The bike's got a little scratched paint on the bottom of the downtube and the chrome fork crown is pitted and rusty, but except for the clips and straps it's all there. Everything's pretty cruddy from neglect but there's no sign of abuse. The brake pads hardly have any wear and the chainring teeth look brand new.

The lowered seat, missing clips and straps, and flipped bars all say that it spent some time pulling a milkcart; but is it a racehorse or a nag? I'd appreciate your opinions.