Classtime 

Why aren't you keeping it?
Maybe try your hand at painting it? Strip it down to bare metal. Take your time. Use a brush.
New Panaracers, new Koolstops, cables, Ok saddle?

Century Bob

It certainly needs a repaint however, a unprofessional quick rattle can job will not help its value and will scare off potential buyers. Someone may just like it as it is.

RustyJames 

Well, I’m thinning the heard and I have enough dropbars from the ‘80s that a few are going away.

The brush painting has intrigued me but I work ~55 hours a week and I’m a part time dad to a very active 12 y/o so free time is precious.

jdawginsc 

Family free time first.

Wrap the bars and set it free!

Hobbiano 

I think it doesn't look too bad. It's just a nice bike with some unfortunate scratches. The rest of it looks okay.

Soody

The steel isn't going anywhere. It'll be years and years before rust does any real damage. Aesthetically, it's just a look. I'd happily ride it as a beater.
It's beyond touching up imo. Repaint should be done by someone who likes how it rides, wants to keep it for a long time, and to their taste. Hopefully the bike will be lucky enough to find that owner one day, but it makes zero sense for you to do it.

The compromise to protect it is to treat the inside with LPS-3 or Fish Oil or something and turtle wax or linseed oil the outside.

It's a cool bike and you have done it more than justice with the overhaul. I suggest you tape it before sale, any job to complete whatsoever turns off most people, and tape will help them see it in their head. Your taste is probably better than theirs too.

squirtdad

if you opt for that you could make them a different color and not worry about paint match

I am still is just sell it camp

RustyJames 

I was thinking of painting the fork and rear stays silver. It wouldn’t look awful but one more damn thing to do.

Bars will get wrapped and it will be coming soon to a theater near you.

bark_eater 

I'm still working on the recipe, but hitting the bare metal with one of the acidic rust converters/metal preps that adds a black oxide coat and then waxing over would be quick, cheap, a cosmetic improvement, add some protection from rust.

bikeaddiction1

I think your rear tire is installed backwards.

TugaDude

The word patina is highly subjective apparently. That is abuse, not patina. Obviously no care to the finish of the bicycle whatsoever.

Not to be "one of those people", but when you look up the word patina it always carries the connotation of something that has "gained" something, not lost. Leather attains beautiful suppleness and color as a result of patina. The friction of putting a wallet into your back pocket is all it takes.

So I'd hesitate to use the term patina to describe something uncared for, neglected, abused, etc. I liked these definitions from the interwebs:

A patina is a thin layer of something that has formed on the surface of something.
He allowed a fine patina of old coffee to develop around the inside of the mug

The patina on an old object is an attractive soft shine that has developed on its surface, usually because it has been used a lot.
...a mahogany door that is golden brown with the patina of age.

a greenlayer that formsnaturally on some metals, especiallycopper, over a period of time

a shinysurface that develops on wood or leather over a period of time

: a surface appearance of something grown beautiful especially with age or use
the beautiful patina of this antique table

I tend to shy away from any bikes in similar condition, but if I did, I'd strip the pain from the fork and the rear triangle and then prime and rattle-can them. Would make a 100% improvement. But that is only if it makes financial sense to do so. If it helps sell the bike faster it might be worth it. If it added to the sale price, might be worth it. And if you decide to keep it after all, it would definitely be worth it (to me anyway). I bought a Bridgestone folding bike many years ago and the paint was excellent except on the chain guard. I found some matching paint and sprayed it and was super happy with the result. These sorts of "fixes" can be attractive. Just because they are cheap and easy doesn't mean they have to look bad.

smd4

Agreed. Unfortunately, that word is thrown around here with wild abandon to describe bikes in completely abused and crappy condition. It's an excuse to treat bikes badly, and a word to assuage people who own or who have bought such bikes.

RustyJames 

I was wondering if someone was going to catch that. That will be rectified before being released.

bikeaddiction1

You kinda did anyway.

smd4

Good for him. We need more of "those people."

bikeaddiction1

I had no trouble understanding what the OP meant without a full English lesson.

smd4

Um...What?

RustyJames 

I love thread drift….

bikeaddiction1

Did you not read the post I commented on before replying?

smd4

Um...yes. Which is why I quoted it. Have you been on the internet long?

bikeaddiction1

So then either you just did not understand the comment or you are just trolling. Have a nice day.

TugaDude

I didn't mean for it to. My comments were intended to be helpful. Agree or disagree, the term is overused and misused and therefore abused. I was simply trying to point that out.

And you may notice I did stay on topic by offering some input on one approach to take, and which I have had some degree of success with.

One person apparently liked my comment, another not so much. And so it goes...

VRJAKE 

Uh boy, thread drift...

No intention of keeping, other more desirable projects. Then it's simply get a little money out of it, indulge in your hobby to fiddle and fix-up old bikes, or in an altruistic bent, make it safe and ridable for a new owner to enjoy a decent road bike for a very low price. Myself, I'd only take something like this on to do the latter or to practice some new skills such as paint touchup...

jdawginsc 

Back to the regularly scheduled program...

You COULD rattle can the fork and stays, but I doubt you’ll get any more in the ask. If you want to do it to prevent rust gremlins from growing, I would sand them smooth, tape it off, quick shot of primer and silver paint. Maybe even get metallic almost chrome rustoleum...

Although metallic black might be cool as well...or rose gold ...hmm...

Problem is that the down tube will still have “patina” anyhow.

I still say sell as is and let the next person decide.

RustyJames 

We are definitely on the same page.