For $450 you would expect a bike in ready-to-ride condition. Just a few things to check:
1. Rust: you've got a handle on it, but pull the stem from the steerer, too.
2. Condition of the teeth on the cogs & chainrings
3. Cables and housings in good shape
4. Tires with some miles left
5. Brake shoes have life left
6. Rims are true and without excessive rim braking wear. Pluck spokes to check any way-out tensions.
7. Headset not indexed
8. Spin the wheels & crank while you're off the bike and feel for any bearing grind.
9. Chain not rusty or stiff. Spin the crank backwards and watch for any bad reactions.
10. And of course shift through every gear on a test ride.
Also, just a guess, but the Atala will probably weigh about 22#. Not sure how that compares to your LHT.
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