Are you saying that it's not a project because it's junk to begin with or because there isn't much work to do on the bike?

Replacing the saddle, bar tape, tires, tubes and possibly cables and housing is going to cost at least $100. So I'd like to start with a frame and components that are worth more than that.

I already have a bike that gets me from point A to point B. I don't have a road bike, so I was hoping for something to take on longer rides on weekends.