Thanks for the great insight guys!

I cleaned it up with a wet rag and it is a good looking bike considering it's age.
It's in really good shape overall.

I took it down to a LBS and one of the techs said it was complete and relatively unused.
He said it could probably use some adjustment and lube, so he suggested a $50 tune-up.
Is this something I should have done? What I was thinking is that I can lube it up myself,
and see how it runs.

So far, my purchase list includes:
1. New Chain
2. Brake Pads
3. Grips
4. Helmet (I don't wanna hit my head and tYpE LiKe tHiS)