The Trek 460 is a somewhat fast handling, reasonably light for it's price range back in the day, and very nice riding bike. I built one up last year, figured I'd ride it for a few months then flip it towards getting something fancier.

It's now part of the permanent collection.

The frame on mine is (I think - the dealer's sticker blots out half of the tubing sticker) Tange 1, a lower lever but still well above good old gaspipe high tensile. The frame is definitely worth more than $30.00 unless we're talking a cosmetic disaster.

In the standards of the time, throw a couple of wheels (700c) on it and straddle. If you've got an inch between the tube and the naughty bits (nudge, nudge, wink, wink, say no more), you're in the ballpark for correct fit. Put on crank, pedal, seat and seatpost and adjust. You should be able to grab the exposed seat tube in your fist with very little metal showing.

Assuming it fits, build it up. It definitely a nice bike that was worth more than what it sold for back then.