I just bought a couple of old sh*t bikes. A Centurion Time Machine (in every sense of the word) and an Allegro Club Tour. The frames are in good shape, save for the paint. The parts on the TM are pretty beat while the CT is in decent condition.

The Allegro will be my beer grabber/commuter so I'm not really investing too much into it. Hence the skateboard deck cut down to make a rack! Maybe I'll turn it into a ghetto cyclocross racer or something. It has 27" wheels though so that may limit what I do with it.

The Centurion I'm torn on what to do with it. I can keep the paint and upgrade what needs replacing, or I can repaint/polish it and add a nice newish group and wheels. The paint is rough but it has that '80's tackiness to it. After seeing some of the repainted classics on here I am tempted to go that route.

I have a pristine Bianchi with mostly original parts as well. That one won't be molested except for a new bar, tape, and saddle.

From what is showing in the pic, the Centurion paint doesn't look bad at all. The decals look to be in nice shape as well.

With the seatposts jacked up like that- I may be wrong, but I think those bikes may be too small for you.

LOVE the skateboard rack!

The posts were jacked up to fit in the bike stand. In fact, the bikes are a smidge too big.

The paint is fine lower down on the downtube and BB area but higher up it is chipped and scratched with peeling decals.