Sounds like a bargain whatever way you look at it
I'd say go for it and dn't forget to keep us posted with the progress, especially the pics! You don't know what tubing it is or anthing like that? I have a Raleigh from the early 90's with 531c tubing thats a dream. If you need a hand with workin on it, i would be able to helpi think, although you have a room full to the brim of experts in the mechanics and vintage forums
take it easy and enjoy the new project