If you consider your labor "free" then this bike could be a good deal if all it takes is some cleaning and repacking. Stuck stem, seatpost, gummed freewheel, etc would be the wild cards here. The reserve is probably $75 or so, and $125 w/shipping for a 531 f&f with campy components ain't bad.
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72 Frejus (for sale), Holdsworth Record (for sale), special CNC & Gitane Interclub / 74 Italvega NR (for sale) / c80 French / 82 Raleigh Intl MkII f&f (for sale)/ 83 Trek 620 (for sale)/ 84 Bruce Gordon Chinook (for sale)/ 85 Ron Cooper / 87 Centurion IM MV (for sale) / 03 Casati Dardo / 08 BF IRO / 09 Dogma FPX / 09 Giant TCX0 / 10 Vassago Fisticuff