Should I fix this bike?
I mentioned a few weeks back that a friend was going to give me his old road bike. Well it showed up and I am a bit disheartened. I was told this bike is an old Puch - but all the lables are gone. The steel on the bike looks in good shape but the paint is awful, looks like it might have been repainted - they guy had his name decaled on the bike. The brakes are old center pull Weinmanns, the shifters are suntour, the rear deraileur says Eagle on it and the front deraileur says spirt. There is a number stamped on the bottom of the bottom bracket housing but nothing that looks like a date and no name or model information. The frame is lugged with some what fancy lugs, there is a substantial rake to the front fork. Some chrome or nickle plating on the chain side chain stay but no where else visable where the paint is chiped - this looks like oxidized bare steel but not pitted with rust. The bike is kind of a puke green with pale yellow lugs. There is a cottered crank.
If I were to take on this "project" a complete paint job would be in order to stop any rust from growing. The bike was dry stored in a barn for what was probably 20 or 30 years.
My first thought on seeing this bike was - where is the nearest dumpster, but I would hate to send a vintage model to the crusher - but my gut tells me this ain't no vintage model, probably an old Sears bike, and I haven't got the time or money to throw away on junk. Advise please!