Nice find.That doesn't look to be all that bad.The frame/paint looks to be ok.You can always find the rest(chrome bits)easy enough.Just find a decent donour (single)bike for the fenders,rims,stems,handlebars,etc...
Once you get it going,you'll love it.A tandem is alot of fun.Here's a pic of mine.It's a 1971 CCM with 26 x 1 3/8(EA3)wheels.I swapped in a Sturmey AW hub to make it a bit better but it's all pretty well stock(except for the forks).
You'll also have to get used to people stopping you all the time to see if you will sell it to them.
