Originally Posted by
rellis91
Well I forgot to mention this is going to be a second bike, my workhorse is a 80s Lotus Excelle in great condition, so this is a project I wanted to do to help teach myself about bikes and their innerworkings.
Then read the articles in the newbie thread and get back to us. I don't think that there's anything that we can add that's not already covered in the links from that thread. Seriously.
Specific questions will get specific answers. But, "Hey I just bought this. What do you think?" won't get you much.
My vote would be to start with a different frame. Building a bike on a 20-30 year old frame that's seen better days isn't worth it. But, that's just me. If it were some cherry frame/bike that's in good to excellent condition then yeah. But this one is in fair to bad condition. I'd bet that soon after you get the project done you'd start eying a new frame.
Don't build a castle on a foundation of sand.