I think a $5 rattlecan job on a $15 frame makes a lot more sense than a full strip down to bare metal and expensive powdercoat.

I am assuming that this is a bike-boom high-tensile straight-gauge tubed bike and not a Dawes "Galaxy".

If you are going budget, just toss some new (cheap) wheels and a chain on it, hit up the local dump/coop/parts bin for stem/bars/seat.

I wouldn't invest much time/energy into it.