Wow thanks for all the responses. I figured I would just clear up a few things.

I know its not the best for commuting, but I don't really have the money. Last year I used the Technium to get around campus and go into the city, but on longer rides it was uncomfortable because it was way too small. I figure, yes its once again not a good commuter but at least this time it will fit me better. The tires are definitely not tubular, I should just be able to get new tape, tires and tubes for both the front and the rear, and now that I know that they are 700c that will definitely help on that front. I don't plan on completely dismantling the bike, so I don't think I want to go the oxalic acid route. I am gonna try out the NeverDull, and maybe some coke and aluminum foil. Who knows, whatever works.

Basically the plan is that I'll take some pictures tomorrow of it before I start working on it, see what I can do with the rust and the paint, and put up more pictures I am confident I can do the cabling myself, I'm mechanically inclined just haven't worked on bikes before. I'm gonna wait on the cabling and new tires though, just in case someone sees something in the pictures that raises a red flag.

Thanks guys.